The Chancellor Rachel Reeves delivered her second Autumn Budget yesterday.
After months of speculation and proposals floated, a raft of increased spending and tax rises were unveiled, a number of which will be of interest in the private client sphere.
Of particular note were announcements regarding the freezing of personal tax thresholds until April 2031, an increase in applicable tax rates to property and savings income and dividends by 2%, the introduction of a high value council tax surcharge on properties valued at more than £2 million (a so called “mansion tax”) and the transferability of the £1 million threshold between spouses and civil partners as regards business and agricultural property, for inheritance tax purposes.
Commentators will be watching closely to see what effects these measures will have on growth forecasts, interest rates and of course the polls.
Download our usual summary of the Budget and the details behind Ms Reeves’ speech below.
