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John Healey, the Chancellor of the Exchequer delivered his first Budget yesterday (28th October) against a backdrop of challenging public finances and global economic headwinds.
What followed was a fairly benign statement based around “creating breathing space for families and businesses”, with a 15-month doubling of the levy on banks by far the biggest single near-term rate change. Crucially for most savers and investors, there were no changes announced to headline CGT rates, while the £20,000 cash ISA limit remains intact.
There was good news for small businesses with business rate reform, first-time buyers will have a new scheme (the First Time Buyer ISA) to support them, and there was action on energy bills and fuel duty.
As ever, there is some devil in the detail, with savings and property income tax rates rising 2 percentage points from April 2027, Business Asset Disposal Relief’s lifetime limit will be cut from £1m to £500k also from April 2027, while we will be keeping a close eye on reforms to company distribution rules from 2028.