Autumn Budget 2026: the impact on individuals and families

So today's topic is the budget.

The Chancellor, John Healey, delivered his first budget, which was yesterday for us, as we would call this.

And now that the initial headlines have settled, we're going to look at the announcements and what they actually mean for private clients.

Whilst we anticipated an increase in capital gains tax rates, this didn't materialise, which is pleasing for many.

However, we will now be able to save £21 a year on our supermarket shop due to the reduced import tariffs.

Although if you do aim to provide UK sourced produce, then you probably won't see a change.

But as a German, I'm very happy with my reduction on my gherkins that I shall be eating.

Aside from that, there's a lot to unpack.

We've had further increases in the tax rates that apply to savings and property income from April 2027, changes to business asset disposal relief, a new founders relief, further developments affecting pensions and inheritance tax, changes for internationally mobile individuals and trusts, as well as reforms affecting entrepreneurs, shareholders and investors.

We don't have time to cover everything in detail, but please do visit our Budget Hub page on our website, which will provide you with more details on all the changes announced.

There is also a broader theme running through the announcements and one particularly relevant to wealthy individuals.

HMRC is becoming increasingly sophisticated in the way it uses data and technology to understand taxpayers' affairs.

So today we're going to try and cut through the detail and focus on what these announcements actually mean for you or your clients.

So let's start with an announcement that's likely to affect a fairly broad group of private clients, and that's the taxation of savings and property income.

Labour promised not to tax working people by increasing rates of income tax, and it would appear that they don't think that working people have savings, hence why they are increasing this tax rate.

So from April 27, or 6th of April 27, these rates applying to both savings and property income are due to become 24%, 44% and 49% for basic, higher and additional rate taxpayers respectively.

That's four percentage points above the current income tax rates, rather than two points differential announced last year.

So Mike, for someone with a significant investment portfolio, cash savings or rental property, how material is this change likely to be?

So today's topic is the budget.

The Chancellor, John Healey, delivered his first budget, which was yesterday for us, as we would call this.

And now that the initial headlines have settled, we're going to look at the announcements and what they actually mean for private clients.

Whilst we anticipated an increase in capital gains tax rates, this didn't materialise, which is pleasing for many.

However, we will now be able to save £21 a year on our supermarket shop due to the reduced import tariffs.

Although if you do aim to provide UK sourced produce, then you probably won't see a change.

But as a German, I'm very happy with my reduction on my gherkins that I shall be eating.

Aside from that, there's a lot to unpack.

We've had further increases in the tax rates that apply to savings and property income from April 2027, changes to business asset disposal relief, a new founders relief, further developments affecting pensions and inheritance tax, changes for internationally mobile individuals and trusts, as well as reforms affecting entrepreneurs, shareholders and investors.

We don't have time to cover everything in detail, but please do visit our Budget Hub page on our website, which will provide you with more details on all the changes announced.

There is also a broader theme running through the announcements and one particularly relevant to wealthy individuals.

HMRC is becoming increasingly sophisticated in the way it uses data and technology to understand taxpayers' affairs.

So today we're going to try and cut through the detail and focus on what these announcements actually mean for you or your clients.

So let's start with an announcement that's likely to affect a fairly broad group of private clients, and that's the taxation of savings and property income.

Labour promised not to tax working people by increasing rates of income tax, and it would appear that they don't think that working people have savings, hence why they are increasing this tax rate.

So from April 27, or 6th of April 27, these rates applying to both savings and property income are due to become 24%, 44% and 49% for basic, higher and additional rate taxpayers respectively.

That's four percentage points above the current income tax rates, rather than two points differential announced last year.

So Mike, for someone with a significant investment portfolio, cash savings or rental property, how material is this change likely to be?