Autumn Budget 2026: what we know so far

The Autumn Budget will take place on 28 October 2026.

Andy Burnham is the UK prime minister and John Healey is chancellor. Most recently Healey was the former defence minister. He does have some Treasury experience, having held junior ministerial roles there during New Labour, between 2002 and 2007.

No increase to the rates of income tax, VAT or National Insurance is expected. The prime minister has committed to honouring Labour's 2024 manifesto pledges, which includes commitments not to raise these for the rest of this Parliament.  

Though keeping to the 2024 Labour manifesto commitments not to raise the rates of income tax, VAT or National Insurance during this Parliament – which combined account for nearly 60% of total tax receipts – limits the leavers available for the government to raise revenue. Combined with the prime minister’s intention to stick to the Government’s self-imposed fiscal rules, raises the question of what that means for the rest of the government’s agenda and whether there will need to be further tax rises to fund policy priorities. 

It's possible, but nothing has been confirmed. The prime minister has historically argued that the UK taxes work more heavily than wealth, which some read as an openness to reviewing CGT rates. The main rate last changed in October 2024, rising from 20% to 24%.

This is one to watch rather than a confirmed change. The prime minister has been reported as willing to "look again" at the curtailment of inheritance tax reliefs for farmers, but no decision has been announced.  If Burnham were to “look again” at the recent changes to inheritance tax relief for agricultural property, whether that would extend to the changes impacting business property is unknown.

A 20% cut to business rates for pubs, social clubs and live music venues in England was confirmed on 23 July 2026, taking effect from April 2027. This builds on the 15% relief the government announced in January 2026 for the current 2026/27 year. The government has already frozen bills for qualifying pubs and live music venues in real terms for 2027/28 and 2028/29 and the new 20% discount sits on top of that freeze. The government won't extend the new discount to the very largest live music venues, though it hasn't yet said exactly where that line falls. Detail is promised at the Budget. Hotels, restaurants, cafes and cinemas are also not currently included, and wider reform, including changes to Small Business Rates Relief, has been promised at the Budget.

The Labour 2024 manifesto committed to cap the headline rate of corporation tax at 25%, alongside permanent full expensing and the annual investment allowance.  Much of the press attention has been on Burnham’s commitment to the core tax pledges in the Labour 2024 Manifesto which impact individuals, but there is nothing to suggest currently that the corporation tax pledges won’t also hold until the end of this Parliament in 2029.  Though an early election could open the door to change sooner.

Three cost-of-living measures: VAT removed from domestic electricity bills from 1 October, the £2 bus fare cap restored, and the 20% business rates cut for pubs, clubs and live music venues from April 2027. 

With most tax decisions deferred to the Budget, it's a good time to review your position and understand your options, rather than wait for the announcement itself. Speak to a specialist to talk through what it could mean for you.

Most of the detail here won't land until 28 October. Don't wait for Budget day to find out where you stand. Talk to us now to understand how potential reform could impact you and your business.