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Murray Beith Murray LLP is a leading Scottish private client law firm.

For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.

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Reaction to Autumn Budget 2025

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david windram“We’re back and ready to do it all over again”, a former UK political party leader once quipped, and it certainly feels like a case of “we go again” as another Autumn Budget rolls around seemingly quicker than ever. Despite being one of the closest budgets to Christmas in recent memory, the lead-in time seems to feel longer and longer, with speculation and associated planning starting earlier and earlier.

Rachel Reeves eventually presented her budget to parliament this afternoon by targeting increased revenue through changes to Income Tax, National Insurance Contributions and Tax Administration. However, Capital Gains Tax remained largely untouched given the changes announced in the previous year, and there was an important Inheritance Tax announcement regarding the allowance related to Business Property Relief (BPR) and Agricultural Property Relief (APR).

We would summarise the main tax announcements as follows:-

Income Tax

  • Freezing of income tax thresholds extended for another three years until April 2031.
  • From April 2027, an increase of 2% on income tax rates for savings income to 22%, 42% and 47%.
  • From April 2026, an increase of 2% on income tax rates for dividend income to 10.75% and 35.75%.
  • From April 2027, an increase of 2% on income tax rates for property income to 22%, 42% and 47%.
  • From 6 April 2026, reduction of Income Tax relief on investment into Venture Capital Trusts (VCTs) from 30% to 20%.

N.B. Income Tax thresholds for Scottish taxpayers are devolved; further clarification on the position will be provided in the Scottish Budget (expected to be 13 January 2026)

NIC and Administration

  • From April 2029, employee pension contributions of above £2,000 made through salary sacrifice will be subject to both employee and employer National Insurance Contributions.
  • An increase in tax administration and measures to tackle anti avoidance.
  • Increased focus on the digitisation of the tax system

Other Points

  • From 6 April 2026, any unused £1million allowance for the 100% rate of Inheritance Tax APR and BPR will be transferable between spouses (including if the first death was prior to 6 April 2026). This is a critical concession which many have been asking the Government to introduce since the changes to these reliefs were first announced in the 2024 Budget.
  • A high-value council tax surcharge on properties in England worth more than £2m of £2,500 a year, rising to £7,500 for properties worth more than £5m.
  • From 6 April 2027, the cash ISA limit for under 65’s will be reduced from £20,000 to £12,000.
  • From April 2026, the reduction of the Writing Down Allowance for Capital Allowance purposes from 18% to 14% and a new First Year Allowance on eligible assets of 40%.

Murray Beith Murray LLP, Edinburgh

If this article has raised any questions or you would like to discuss your affairs with our specialist lawyers or tax advisors, then please complete our contact form or call 0131 225 1200.

Murray Beith Murray LLP is a private client practice, made up of specialist lawyers from a variety of legal disciplines, including experts in asset protection and estate planning. The firm was established in 1849, as advisors for generations of clients, committed to our values of integrity, expertise and trust. This aim, and these values, continue to this day, as does our commitment to be here when you need us.

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