The Government’s Autumn Budget

Earlier today the Chancellor, Rachel Reeves delivered the government’s Autumn budget.

The headline figure: The Budget raises taxes by £26bn in 2029-30 – here’s how:
Freezing tax thresholds on personal tax and employer National Insurance contributions thresholds for three years from 2028-29 – raising £8bn
Pensions: Taxing salary-sacrificed pensions contributions – £4.7bn
Property, savings and dividends: Increasing the tax rates on dividends, property and savings income by 2 percentage points – £2.1bn
Corporation tax change: Reducing the writing down allowance main rate in corporation tax – £1.5bn
Electric vehicles: A new mileage-based charge on battery electric and plug-in hybrid cars from 2028 – £1.4bn
Gambling: Changes to taxation of gambling – £1.1bn
Reduced capital gains tax relief on disposals to employee ownership trusts – £900m
‘Mansion tax’: A council tax surcharge on properties worth over £2m – raising £400m
Tax admin and debt collection: Tax administration, compliance and debt collection measures – £2.3bn
Fuel duty: These tax rises are partially offset by a freeze to fuel duty for a further five months, followed by staged increases from 2026, costing £2.4bn next year and £900m each year afterwards
Other taxes: A range of other tax measures, including a Sizewell C levy raise a further £4.4bn