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.