The Chancellor of the Exchequer, Rachel Reeves, delivers her 2025 Budget speech at 12.30pm today. 

We will provide real-time updates throughout the speech. Our Tax Partner, Marc Dorsett, will highlight the headline changes in our live feed.

Our live feed will begin as soon as the Budget starts. Please refresh the page every few minutes to see the latest updates.

For commentary and analysis in the days to come, visit our website or follow us on LinkedIn.

LIVE FEED:

  • UK agricultural property held via a non-UK trusts or company will be treated as UK situs for IHT purposes. Trust exits are caught from budget day.
  • PRs will not be liable for payment of IHT on pension fuels discovered after HMRC clearance received.
  • IHT on pension funds: PRs will be able to direct flat pension provided withhold 50% of taxable benefits for up to 15 months and pay IHT in certain circumstances.
  • Transferrable APR/BPR unused thresholds will apply to first deaths before 6th Aprill 2026.
  • Increase of 3.8% – the NIC have earning limits and small profits threshold to £6,708 pa and £7,105 pa respectively.
  • Savings have increased by 2% across the board.
  • Dividend tax rates for the ordinary upper rate to increase by 2%. The top rate is unchanged.
  • New income tax bands for rental income of 22%, 42% and 47% for April 2027.
  • From April 2029, NIC relief will be capped on salary sacrifice pension contributions over £2,000.
  • Fuel duty rate act to be extended to September 2026.
  • High value Council Tax surcharge of £2,500 for houses over £2 million and £7,500 for those over £5 million applies from April 2028-2029.
  • £1 million threshold for Agricultural Property Relief (APR) and Business Property Relief (BPR) to be transferrable to spouses.
  • Tax and NIC thresholds frozen for three more years, from 2028.
  • Property, savings and dividends income will be taxed at an additional 2%.
  • Maximum £20k ISA limit unchanged, but £8k must be in stocks and shares. Over-65s limits unchanged.
  • Mansion tax applies from 2028.
  • Mileage tax of 3p per mile for EVs plus 1.5p per mile for PHEVs.
  • Surcharge tax on properties worth over £2 million – not certain when.
  • Income Tax and NIC thresholds frozen for a further three years.
  • The two-child benefit cap is set to be removed.
  • The OBR Report has been released ahead of schedule.