Chancellor’s Budget
and Spring Statement

Stay informed about the latest Chancellor’s Budget and Spring Statement announcements, with clear analysis from HaysMac’s tax specialists on what the measures could mean for individuals, employers and businesses.

Clear, practical guidance to help you understand change and plan what comes next.

Chancellor of the Exchequer John Healey presented his first Budget on 28 October 2026, promising ‘Breathing Space now, Hope for the Future’.

Breathing space

Mr Healey said he had rejected broad-based tax rises as families and businesses face rising energy costs. The Chancellor extended the VAT cut on domestic electricity and the 5p Fuel Duty cut to July 2027 and announced a £100 Household Energy Payment this winter for households in Council Tax bands A to D in England. For the high street, the Small Business Rate Relief threshold will rise for qualifying businesses so that a further 70,000 retail, hospitality and leisure businesses pay no business rates.

Paying for it

To fund this support, the Chancellor temporarily doubled the Bank Corporation Tax Surcharge. In addition, the Budget announced further increases to the rates of tax on property and savings income from April 2027. The lifetime limit for Business Asset Disposal Relief will be halved, although the planned cut to the cash ISA limit will not go ahead.

For businesses, there is a further cut in the main rate Writing Down Allowance from 14% to 12% from April 2027. This funds an increase in the main rate First Year Allowance from 40% to 50% for expenditure incurred from 1 January 2027.

Mr Healey said that ‘my choice in the Budget today is to give families and businesses some breathing space now, and to begin the radical reform of energy to reduce bills in the future’.

Autumn Budget 2026 coverage

The Budget has been announced. Now, understand what it means.

Explore our latest commentary alongside previous Budgets and Spring Statements to see what’s changed across personal, employment and business taxes, why it matters, and how policy has evolved over time.

What the latest announcements could mean for you

Explore the principal areas covered in the recent Autumn Budget. Tax treatment will depend on individual circumstances, so professional advice should be sought before taking action.

Get in touch

Personal Tax

  • Property and interest income - additional 2% increase, on top of the previous 2% announcement

  • Reversal of decision on £20,000 Cash ISA allowance

  • Increase the Trading Allowance from £1,000 to £3,000

Read more in our Autumn Budget full summary here

Capital Taxes

  • EMI 2 launched to encourage growth and retain top talent

  • Founder relief 10% Capital Gains Tax on up to £10 million of qualifying gains and drop of BADR from £1 million to £500,000.

Discover more in our full summary

Business Taxes

  • Small business rates threshold increase from £12K to £18K for certain sectors, all other business rates frozen. 70,000 businesses no longer paying business rates.

Learn about our Business Tax offering

Employment Taxes

  • National Minimum Wage and National Living Wage increase by 3.9%.

  • Uplift on car mileage rates, from 25p to 35p per mile, and 55p rate made permanent.

Explore more about Employment Tax

VAT

  • Mandatory e-invoicing and digital VAT reporting from April 2029.

  • Online marketplaces to collect VAT on qualifying UK sales from October 2027, including VAT registered sellers.

  • Low value imports to face reformed customs rules from October 2028.

Read more in our full summary
What does the Budget mean for businesses and individuals?

Now the Chancellor has delivered the Budget, our specialists are looking beyond the headlines to explain the confirmed measures, what they mean and what could happen next.

From announcement to action

Headlines rarely tell the full story. Some measures may take effect immediately, while others will come into force at the start of a future tax year, require further consultation or depend on subsequent legislation.

Our team looks beyond the announcement itself to help you understand what has changed, when measures are expected to apply, who may be affected and where early planning could be valuable.

Whether you are reviewing your business strategy, reward arrangements, investment plans, succession planning or personal tax affairs, our latest Budget insights can help you understand the implications and identify the practical next steps.

Our Budget team brings together specialists from across personal, employment, business and indirect taxes. Meet the team member who’s ready to talk shop.

Graeme Privett

Partner

Phil Clayton

Partner

Mark Baycroft

Partner

Dougie Todd

Dougie Todd

Partner, Head of Business Taxes

Danielle Ford

Partner

Andrew Broome

Partner

Nick Bustin

Director, Head of Employment Tax

Phil Salmon

Partner, Co-Head of VAT

Key contacts

Understand the impact. Take the right next step. Speak to our Budget team or submit an enquiry today.