Autumn Budget 2025
Chancellor Rachel Reeves is set to deliver her second Budget on Wednesday 26 November 2025.
With a variety of rumoured reforms in the headlines, our team of market-leading experts cut through the noise, breaking down what you need to be aware of from a personal finance and investment perspective, and how to prepare.
Important information: As investment values can go down as well as up, you may not get back all of the money you invest. If you're unsure about investing, please speak to an authorised financial adviser.
What could the Autumn Budget 2025 mean for you?
Experts warn that soaring borrowing, a series of policy U-turns, and sluggish economic growth have created another fiscal black hole — which could lead to further tax rises.
There has been a lot of speculation, with reports suggesting further tightening of inheritance tax rules, additional increases to Capital Gains Tax, and a reduction in the annual cash ISA limit.
Pension taxation is once again under the spotlight, with tax-free cash and upfront relief attracting the most attention. But exactly what will change remains to be seen.
We will only know for sure how things will change once Reeves has finished her speech at around 1:30pm on 26 November.
Autumn Budget 2025: what we’d like to see
Here are three key changes that we would like to see in the upcoming Budget, and why they could matter to you. Read more about them in our Press Centre.
Leave pension tax alone
Almost a quarter (24%) of respondents in our latest Great British Retirement Survey said that they would feel more empowered to save into their pension if the rules stopped changing. If the goalposts keep shifting, how can we expect pension savers to plan with confidence?
Remove stamp duty on UK shares and trusts
The removal of stamp duty on UK shares and trusts would help boost UK growth and help create a thriving investment culture in the UK. Our research found that almost three quarters (72%) of investors would be more likely to invest in UK shares and investment trusts if stamp duty was scrapped.
Simplify the ISA landscape
We’ve long campaigned for ISA simplification - the current ISA landscape is too complex, with too many ISAs, and its risks disincentivising investors.
How to prepare for the Autumn Budget?
Even if the government does shake-up parts of the UK tax system, it’s rare for reforms to take effect immediately.
Last year’s hike to Capital Gains Tax rates showed that it could happen, but this was the exception rather than the rule. More often, tax changes usually come into play at the start of a future tax year.
As the Budget approaches, it's a good idea to think about your long-term plans and avoid reacting to speculation. Stay informed on all the pre-Budget news via our On The Money podcast, as well as our editorial articles.
Think long-term
Saving and investing for your future is a long-term game, so any choices you make ahead of the Budget should place this front and centre.
Avoid reacting to speculation
Drowning out the pre-Budget noise isn’t easy when the rumour mill is spinning at a frantic pace. But making knee-jerk decisions with your pensions and investments based on speculation can cause lasting harm to your financial future.
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