Follow our live updates as the Chancellor delivers the Autumn Budget 2026. HB&O’s specialists will share their initial reactions to the key announcements and outline the potential implications for businesses and individuals.
The Autumn Budget last year announced £1million cap for 100% relief which was not transferrable between spouses and civil partners. This has now been reversed.
“This will focus the mind of people to save as much as they can before April 2029. Anything over the cap will be taxed in the same way as other employee pension contributions. This may be of interest to some of our clients that are planning for their retirement.”
“The 20% VAT rate to be applied to private hire vehicle operators from January 2026 will remove the opportunity for them to apply a reduced VAT rate to journeys undertaken. In addition, by removing premium cars from the Motability scheme, this could impact the availability of VAT exemptions that would apply to premium cars used by people with disabilities under the scheme.”
“By reducing the main rate of writing allowance, this means that companies will receive less tax relief on capital investment. It could lead to higher tax bills, however we will need more clarity on the actual writing down allowance post-budget.”
“It is good to see they have kept the ISA allowance at £20,000, with £12,000 for cash and £8,000 for stock and shares. This is really important to support clients in maximise savings.
“The cash ISA allowance has been reduced to £12,000 under 65s and retained at £20,000 for over 65s.”
Certain measures, such as adjustments to alcohol or tobacco duties, can take effect immediately on Budget day or shortly afterwards. For this to occur, the House of Commons passes a ‘Provisional Collection of Taxes’ motion as soon as the Chancellor finishes speaking. Traditionally, this is approved without a formal vote, allowing the changes to take effect from 6pm on Budget day.
This is set to be a complex Budget, with measures that will impact many of our clients in one way or another. Our team will be reviewing the announcement in depth to ensure we can provide clear guidance and practical advice as the implications become clearer.
Chancellor John Healey is set to deliver his Budget on Wednesday 28th October at approximately 12:30pm. Follow along on the day for live updates.
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