Budget October 2026
Key points

Please see below the information from the budget given by The Chancellor Of The Exchequer John Healey on 28/10/2026:

Tax & Business Changes

  • Higher mileage rate increased to 35p per mile

  • 3.9% increase to national minimum and living wages

  • New pension allowance to ensure people on state pension do not pay tax on their state pension

  • Self employed fathers will be made eligible for paid paternity leave

  • Small business rates relief threshold for retail, leisure and hospitality extended to £18,000

  • Business rates frozen for retail, leisure and hospitality which exceed the threshold

  • Reforming the way self assessment tax is paid from April 2029 to make payments more frequent

  • Written down allowance reduced to 12%

  • Business asset disposal relief reduced to £500,000

  • Property and savings income tax rates from April 2027 increased by a further 2%

  • No change to tax from employment or dividend income

  • Trading income allowance extended to £3,000

  • Founder’s relief which caps capital gains tax at 10% for lifetime gains of £10,000,000

  • 5p cut to fuel duty extended to July 2027

Changes for individuals

  • VAT cut on energy bills is to be extended until July 2027

  • Gas standing charges to be removed from next year

  • £100 energy payment to households in council tax bands A-D

  • ISA limit kept at £20,000

  • First time buyer ISA to replace the lifetime ISA

  • Your first home scheme from spring 2027 which is an equity loan scheme

If you have any questions about how the budget may affect you, please feel free to book in a meeting with us here:

If you would like to see historical budget information please click here.