Key Considerations for Businesses – What will the Autumn Budget mean for me?

The Chancellor delivers the Budget on Wednesday 26 November 2025. Here’s what we know so far.

What is changing and what you should do?

1) Stealth taxes. Threshold freezes that bite

• Run payroll simulations for leaders and hard to fill roles for 2025 to 2026 and 2026 to 2027.
• Use pension salary sacrifice and employer funded benefits where appropriate.
• Review bonus timing and equity awards with personal tax outcomes modelled.

These structures are still under review, and the final design could differ significantly depending on government priorities and public response.

2) Property. Revaluation lands in 2026

The next rates revaluation takes effect on 1 April 2026 using 1 April 2024 values. Multipliers for 2026 to 2027 will be set at the autumn budget 2025. Government has signalled support for ratepayers facing large increases.

Actions to take

• Commission a rates exposure review for each site and build scenarios into your 12 to 24 month profit and loss (P&L).
• If you own or plan to sell, test timing and financing against potential levy changes.
   

3) Inheritance Tax. Agricultural property relief (APR) and business property relief (BPR) tightening from April 2026

Draft Finance Bill 2025 to 2026 introduces a combined £1 million 100 percent relief allowance for APR and BPR from 6 April 2026. Amounts above the allowance get 50 percent relief. Certain traded shares move to 50 percent BPR. Still subject to change.

Actions to take

• Map shareholdings, land and trusts against the £1 million allowance and 50 percent tier.
• Update wills, shareholder agreements and family governance.
• Consider lifetime transfers only after full advice on control, liquidity and risk.
   

4) Vehicles and fleets. Local weight charges are live

• Pause non-urgent fleet purchases where practical.
• Set car allowances and fleet policies with weight and CO₂ caps.
• Model total cost of ownership in your operating areas under local charging scenarios.

What could be announced at the budget?

1) Pensions. Relief structures and tax-free cash

Adviser and media commentary continues on possible changes to pension reliefs or the 25 percent tax free lump sum. Government has not confirmed changes at the time of writing.

2) Higher taxes on the wealthy

3) Targeted action on administered prices

Keeping up to date

The Chancellor faces tough choices, and the decisions made will have far-reaching consequences for businesses and individuals alike. It is important that you keep on top of any updates and changes that will apply to you.

Join our free, 30-minute, webinar

We will be releasing updates as we know more, including running a 30-minute rapid response webinar on Budget day, Wednesday, 26th November at 4 pm, where members of the Oldfield team break down the key announcements and uncover what’s been left unsaid.

Quick actions checklist
 

• Register for our same-day rapid reaction webinar here
• Payroll modelling completed and offers updated before 26 November.
• 2026 business rates exposure reviewed and budgeted.
• Fleet policy updated for vehicle weight and CO₂.
• Pensions and IHT decision trees drafted with advisers.

Please note: This article is for general information purposes only and was correct as at the time of writing (23/10/25) and does not constitute financial advice. Tax rules and legislation are subject to change, and their application depends on your individual circumstances. We recommend seeking advice from a suitably qualified tax adviser, and where relevant, an FCA-authorised financial planner. Any lists and details provided above are not exhaustive and are not intended to be full and complete guidance. No action should be taken without consulting detailed legislation or seeking independent professional advice. Therefore, no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this article can be accepted.