Kensington & Chelsea tops the list as the UK’s most expensive inheritance tax hotspot, with an estimated £343,924 due on the average property in this area, rising to an estimated £405,211 including pensions. With property prices continuing to drive estate values above tax-free thresholds, homeowners in the London boroughs dominate the rankings. Still, high-value areas outside the capital are also pushing many families into six-figure tax bills.

New analysis reveals the regional impact of bringing pensions into inheritance tax calculations

UK inheritance tax receipts reached £8.25 billion in 2024/25, with projections exceeding £9 billion by 2026/27. This surge is driven by frozen tax-free thresholds (£325,000 until 2030/31) and rising asset and property values. Geography plays a key role, as families in southern England are far more likely to face IHT than those in northern or coastal regions, even with similar lifestyles.

By analysing land registry data for average property values* across 372 local authorities in the UK and combining this with predicted pension pot values based on median salaries in these areas, The Private Office has identified the areas of the UK where more people will face the highest estimated inheritance tax liabilities.

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The locations predicted to be hit by IHT when pensions are no longer exempt 

From 6 April 2027, most unused pension funds and death benefits will be included in an individual’s estate for inheritance tax purposes, meaning they are no longer exempt. If the total estate, including pensions, exceeds the £325,000 threshold (or up to £500,000 including a main residence if left to direct descendants), amounts above this limit will be liable for 40% IHT.

Historically, pensions sat outside IHT calculations, so this proposed change could significantly reshape estate planning and impact people very differently depending on their location. New analysis combining local property values with typical pension pots based on median earnings highlights which parts of the UK are most exposed once pensions are included.

Research shows that 152 local authorities, previously below IHT thresholds, could fall into scope due to pensions no longer being exempt. This brings a total of 288 local authorities where average property prices and pension pots could see high levels of inheritance tax payments due. 

London and the South East remain most exposed

The highest potential inheritance tax bills remain concentrated in prime London boroughs and most affluent southern areas. Kensington and Chelsea could see average estate values exceed £1.3 million, with estimated IHT liabilities above £400,000 once pensions are included. Camden, Richmond upon Thames, Elmbridge, and Hammersmith & Fulham all show projected tax bills comfortably above £200,000. Wider commuter-belt locations such as Guildford, St Albans, Windsor & Maidenhead, and Wokingham also remain firmly within taxable territory.

For those in these regions, including pensions in the estate calculation may materially increase eventual tax exposure, reinforcing the importance of proactive planning.

Note: These calculations do not take into account the Residence Nil Rate Band (RNRB) which is an extra £175,000 per person if a main residence is left to direct descendants. This is because not everyone is eligible for this additional allowance.

Mid-priced regions: where pensions could tip estates into inheritance tax

Mid-priced regions across the West Midlands, East Midlands, South West, East of England, and South Wales may experience the most meaningful shift from the 2027 reform. Average property values in these areas have historically fallen just below IHT thresholds, leaving estates untaxed. Once moderate pension savings are added, combined estate values can exceed the tax-free allowance, creating a modest but material liability.

Counties such as Warwickshire, Worcestershire, Staffordshire, Leicestershire, Derbyshire, Gloucestershire, Somerset, Norfolk, Suffolk, and parts of South Wales could face estimated IHT bills between £10,000 and £60,000. While far lower than in prime London, this represents many families’ first exposure to inheritance tax, highlighting the growing importance of location-aware estate planning.
 

Note: These calculations do not take into account the Residence Nil Rate Band (RNRB) which is an extra £175,000 per person if a main residence is left to direct descendants. This is because not everyone is eligible for this additional allowance.

This shift is significant not because of the scale of tax involved, but because it represents the first entry into the inheritance tax system for many families. Even relatively modest tax liabilities can reduce the value of intergenerational transfers, create liquidity pressures for beneficiaries, or force the sale of assets that were expected to remain within the family. As pensions move inside estate calculations, understanding true exposure and aligning retirement, gifting and estate-planning decisions accordingly becomes increasingly important. Early, location-aware planning will therefore play a key role in helping households in mid-priced regions use available allowances efficiently and protect long-term family outcomes.

Northern and Coastal Regions largely remain below the threshold

When taking pensions into account. Many northern, Scottish, Welsh, and coastal areas continue to sit below inheritance tax thresholds, even when estimated pension wealth is factored in. Locations such as Burnley, Hartlepool, Blackpool, County Durham, Inverclyde, and Merthyr Tydfil illustrate this trend, showing that estates in these regions are less likely to face immediate IHT liability. However, despite the lower current exposure, factors such as growing property values, increasing estate complexity, and potential future policy changes mean that careful planning remains important across the UK.

Inheritance tax is increasingly becoming a property tax by default. Many people don’t consider themselves wealthy, yet long-term house price growth – particularly in London and the South East – means their estates can face substantial tax bills. Without proper planning, beneficiaries may be forced to sell assets simply to settle the liability. Early advice and structured estate planning can significantly reduce the eventual tax burden.

Pensions have long sat outside inheritance tax calculations, so bringing them into scope has a major regional impact. In high-property-value areas, the effect is dramatic, but even in more affordable regions, families who previously expected no inheritance tax may now face a bill. Planning early will be crucial.

Marriage, Tax thresholds and changing demographics

Currently, married couples or civil partners can combine their inheritance tax allowances, meaning they benefit from higher thresholds. For instance, the individual nil-rate band is £325,000, plus there is the residence nil rate band of £175,000 (RNRB) if you are passing your main residence onto direct descendants such as children or grandchildren. But if you are married, you can pass your allowances to a surviving spouse to gift on their death, IHT free, which could mean gifting up to £1 million, as long as the overall estate is less than £2 million.

However, declining marriage rates and an increase in couples choosing to remain unmarried could leave more families exposed. Unmarried partners cannot combine allowances, so each person is subject to the thresholds individually. This means that even if they are leaving their estate to their long-term partner, IHT will be due on anything above £325,000. As a result, even households with moderate property and pension wealth may now fall into the 40% IHT bracket if they are not legally married.

In other words, while marriage can still provide a buffer against inheritance tax, the trend toward fewer legal unions means more couples could be caught by the 2027 reforms than in previous generations.

Why planning matters more than ever

For people in London, the Home Counties, and even mid-priced regions, inheritance tax is no longer an issue reserved for the ultra-wealthy. Long-term homeowners, particularly those who have benefited from significant property appreciation or built moderate pension savings, may now find their estates subject to substantial tax bills. The 2027 change to include pensions in estate calculations has the potential to push households that previously expected no liability into the inheritance tax net. While this may sound scary, according to HMRC, only 1 in 20 estates in the UK pays inheritance tax. There is normally no tax to be paid if:

• The value of your estate is below the £325,000 threshold known as the nil rate band
• You leave everything above the threshold to your spouse or civil partner, or
• You leave everything above the threshold to an exempt beneficiary, such as a charity or a community amateur sports club, or
• If you give away your main residence to your direct descendants, your threshold can increase to £500,000.

If you are at risk of falling into the threshold, effective planning strategies are now crucial and can include: 

• Lifetime gifting strategies: Regularly transferring assets during your lifetime, within allowance limits, can reduce the size of your estate and minimise future tax exposure. These can include gifts to children, grandchildren, or charities.
• Trust structures: Establishing trusts can help manage how and when beneficiaries receive assets while potentially providing relief from inheritance tax. Trusts can also protect assets in complex family situations or blended families.
• Pension planning: Reviewing how pension wealth fits into your broader estate plan is vital. Strategies may involve carefully timing withdrawals, considering joint spousal planning, and understanding the implications of death benefits.
• Business Relief-qualifying investments: For business owners, structuring investments to qualify for Business Relief can reduce IHT liability on certain shares and assets.
• Reviewing ownership structures between spouses: Ensuring that assets are owned in the most tax-efficient way between spouses can maximise allowances and reduce the overall estate exposure.

In short, the new rules mean that inheritance tax planning is no longer optional but a necessary part of financial management, even for households that previously believed they were unaffected. Acting early allows families to make informed, strategic choices that safeguard their estate and support the smooth transfer of wealth to future generations.

If you would like to discuss your personal financial situation, why not get in touch for a free initial conversation to see how we can help.

* Figures are based on average property prices (November 2025) by local authority. 

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This article is intended for general information only, it does not constitute individual advice and should not be used to inform financial decisions.

The information contained within this article is based on our understanding of legislation, whether proposed or in force, and market practice at the time of writing. Levels, bases and reliefs from taxation may be subject to change. 

The value of your investments can go down as well as up, so you could get back less than you invested.

The Financial Conduct Authority (FCA) does not regulate cash flow planning, estate planning, tax or trust advice. 

Rachel Reeves delivered her Spring Forecast this afternoon, which had been overshadowed before it even started by events in the Middle East.

As expected, the Spring Forecast (rather than Spring Statement as it has been referred to in previous years) did not include any fiscal changes, with Reeves previously committing to only holding one fiscal event each year, in the Autumn Budget.

By way of updates, Reeves announced that the Office for Budget Responsibility (OBR) had ‘adjusted the profile of GDP’ resulting in it downgrading its UK Growth projection for 2026 from 1.4% (as forecast in November 2025) to 1.1%, but the OBR increased its forecasts for 2027 (1.5% to 1.6%) and 2028 (again 1.5% to 1.6%).  Reeves also heralded the interest rate cuts seen in recent months, but events in the Middle East have significantly reduced the chance of a further cut in March, given the inflationary oil and gas price rises seen since the weekend.

Therefore, the most important upcoming tax changes are those we already knew about, specifically:

• A 2% increase in dividend tax taking effect on 6 April 2026.
• VCT tax relief being cut from 30% to 20% on 6 April 2026.
• Business and Agricultural Relief limited to £2.5m per individual, with effect from 6 April 2026 – this importantly increased from the previously proposed £1m and can be passed between spouses if not used on first death.
• A 2% increase in savings and property taxes taking effect on 6 April 2027.
• A cap in Cash ISA contributions of £12,000 for under 65s with effect from 6 April 2027.
• Pensions forming part of estates for inheritance tax purposes from 6 April 2027.
• A Mansion Tax being introduced in April 2028.
• Salary Sacrifice pension contributions benefiting from National Insurance Contribution savings limited to £2,000 with effect from 6 April 2029.
• Income Tax thresholds frozen until April 2031.

If you would like to discuss the impact of the above on your personal financial situation, why not get in touch for a free initial conversation to see how we can help.

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This article is intended for general information only, it does not constitute individual advice and should not be used to inform financial decisions

The Financial Conduct Authority (FCA) does not regulate estate planning or tax advice.

The tax return deadline for the 2024/25 UK tax year is fast approaching and must be met by 31 January 2026 for online submissions, so now really is the time to focus on getting Self Assessments filed and any tax owed to HM Revenue and Customs (HMRC) paid.  

Those that fail to file their tax return in time face an immediate £100 late filing penalty with daily penalties kicking in after three months and potentially further charges the longer it goes unpaid.

It is worth taking time over the preparation rather than panicking in the face of the upcoming deadline because mistakes or omissions can lead to overpaying your tax or having to go through corrections and potential appeals later on. If someone overpays once their return is processed, HMRC may pay a refund, but the interest they pay on their own late repayments is generally much lower than the interest they charge on your late payments.  

From early January 2026 the late payment interest rate charged on overdue tax was set at 7.75%, which is 4% above the Bank of England base rate, while the repayment interest rate paid by HMRC on refunds is 2.75%, substantially less than the charge on unpaid tax.  

The bottom line is that taxpayers should get their tax return ready well in advance of the end of January if possible. Check carefully that you are not paying more tax than necessary and settle any tax due on time.

What is Self-Assessment?

Self-Assessment is the process you go through each year where you complete a tax return and declare your income, capital gains and any other income during that tax year to HMRC, outside of income tax that is normally deducted from your wage or pension.  

Although most commonly done by those who are self-employed, anyone who has other income outside what is normally deducted from your wages and pension, need to complete a self-assessment form – which can be paper based or digital.  

Irrespective of employment status, if you have received any untaxed income before the deadline of that tax year, you may need to complete a tax return. Even if that income comes from eBay, Etsy or similar ‘side hustle’ enterprises.

When you need to submit a tax return

This tax year (2025/26) ends on 5 April 2026 and all tax returns for this year will need to be completed by 31st January 2027.

Most importantly, you must tell HMRC by 5 October if you need to complete a tax return and have not sent one before. Then there are different deadlines for different types of tax returns.

If you’re doing a paper tax return, you needed to submit it by midnight 31 October 2026. HMRC must receive a paper tax return by 31 January 2027 if you’re a trustee of a registered pension scheme or a non-resident company.  

If you’re doing an online tax return, you must submit it by midnight 31 January 2027, and if you want HMRC to automatically collect the tax you owe from your wages and pension, then you needed to submit your online tax return by 30 December 2026.

In all cases you need to pay the tax you owe by midnight 31 January 2027.  

If you’re interested in finding out more about how we can help you build a tax efficient portfolio, making best use of allowances available to you whilst ensuring your money is working hard, Why not give us a call on 0333 323 9065 or book a free non-committal initial consultation with a member of our team.

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This article is intended for general information only, it does not constitute individual advice and should not be used to inform financial decisions.  

The Financial Conduct Authority (FCA) does not regulate tax or trust advice.

In the Autumn 2025 Budget, Chancellor Rachel Reeves confirmed that the freeze on income tax thresholds and allowances will now continue until at least 2031. What was announcement in 2021 as a short-term measure to stabilise public finances post-COVID, will become a 10-year freeze, one of the most significant, and often unnoticed, tax policies in a generation.

This long-term freeze is what’s known as a “stealth tax” or “fiscal drag”. Instead of raising the rates you pay, the government simply keeps tax bands and allowances frozen. And as your income, pension, or savings grow with inflation, you end up paying more tax without any changes to the rules themselves. Worse still, while your income may rise with inflation, savings often don’t always keep pace, so the real value of your cash will likely be falling, making a bad situation worse.

It’s a quiet but powerful way of increasing the tax take, and it's starting to catch out more and more people, especially those who are retired or trying to grow their wealth. Although it’s reasonable to expect to pay a fair amount of tax, stealth taxes could be pushing some people over that tipping point.  

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More pensioners paying higher tax

Over the past few years, there’s been a sharp rise in the number of retirees now paying income tax, especially at higher rates.

Back in 2021, around 494,000 pensioners paid tax at the 40% or 45% rates. Fast forward to today, and that number has more than doubled to over 1.2 million, according to figures from HMRC.

And it’s not just those in the top brackets. The total number of pensioners paying any income tax has jumped from 6.7 million to over 9 million in just four years. This isn’t because tax rates have changed, it’s because pensions have gone up while tax-free allowance has stayed the same.

From April 2026, the full state pension will rise to £12,547.60, just shy of the personal tax-free allowance of £12,570. Add even a modest private or workplace pension on top, and many retirees now find themselves paying tax, often for the first time.

Why it matters for savers and investors

Being pushed into a higher tax bracket doesn’t just mean you pay more on your income, it can also reduce or remove other valuable tax allowances. For example:

• The personal savings allowance drops from £1,000 to £500 if you’re a higher-rate taxpayer, and to £0 if you’re in the top band.
• Dividend allowance has shrunk dramatically, now just £500, down from £2,000 in 2022.
• Capital Gains Tax exemption has fallen over the years to £3,000 for individuals and £1,500 for trusts

And in the 2025 Budget, the Chancellor also announced higher tax rates on savings income from April 2027, a rise to 22% for basic-rate taxpayers and 42% for higher-rate taxpayers with additional rate paying 47%.

Added to this, from April 2026, the dividend tax rates themselves are set to rise:

• For basic-rate taxpayers, the rate will increase from 8.75% to 10%
• For higher-rate taxpayers, from 33.75% to 35%
• And for additional-rate taxpayers, from 39.35% to 39.6%

These changes mean investors could face higher tax bills even on modest dividend income, especially as the tax-free allowance continues to shrink. 

The 60% tax trap

If you earn between £100,000 and £125,140, the tax system becomes especially punishing. In this band, your personal allowance is gradually taken away, so for every £2 you earn over £100,000, you lose £1 of your personal allowance.

This creates an effective tax rate of 60%, and once you factor in National Insurance, that jumps to 62% for many.

This hidden trap hasn’t been adjusted since 2010 and rising wages have brought many professionals into its grip. If you're approaching this income range or in it, planning is key as there are solutions to minimise or even mitigate against it.

Inheritance Tax: catching more estates

Inheritance Tax (IHT) is another area where frozen thresholds are bringing in more families each year.

The main threshold of £325,000 hasn’t changed since 2009, despite rising property prices. With the Residence Nil Rate Band (£175,000), for those passing down their main residence to direct descendants, a couple can pass on up to £1 million tax-free. However, this will depend on the value of the property and the overall value of the estate, larger estates may see a reduction or loss of the Residence Nil Rate Band. If the total estate is worth more than £2 million, the Residence Nil Rate Band is reduced by £1 for every £2 over the £2 million threshold. Anything above the available thresholds may face a 40% inheritance tax bill.

In 2024/25, IHT receipts hit a record £8.2 billion. With no reforms announced in the 2025 Budget and the freeze extended to at least 2031, this number is only expected to rise.

What can you do to mitigate stealth taxes?

While you can’t control tax thresholds or government policy, you can take action to protect your income and your legacy.

Here are a few of the strategies that could help:

• Use ISAs to shelter savings and investments from tax
• Structure pension withdrawals carefully to avoid unnecessary tax
• Make use of salary sacrifice where possible to reduce income and NI
• Gift assets tax-efficiently as part of longer-term estate planning
• Review your total income regularly to avoid tipping into higher brackets

These are just a few possible strategies, but a personalised, bigger financial plan should ensure your wealth is working for you and your family.

The bottom line

A decade of frozen allowances will reshape the tax landscape. For many, it’s no longer enough just to “stay under the limit”, the limits themselves are working against you.

That’s where strategic, personalised financial planning comes in. By looking at your whole financial picture, we can help you protect your wealth and plan with confidence for the future.
Get in touch with one of our financial advisers to see how we can help you navigate the years ahead with a plan that works for you. 

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This article is intended for general information only, it does not constitute individual advice and should not be used to inform financial decisions. 

The Financial Conduct Authority (FCA) does not regulate cash flow planning, estate planning, tax or trust advice. 

A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age). The value of your investments (and any income from them) can go down as well as up which would have an impact on the level of pension benefits available.

Investment returns are not guaranteed, and you may get back less than you originally invested. Past performance is not a guide to future returns.

With the 31 January deadline fast approaching, around 5.65 million people are still yet to file their self-assessment tax return, HM Revenue & Customs (HMRC) has warned.

Anyone who misses the cut-off could be hit with an initial £100 late filing penalty, with additional charges possible after that.

According to data from HMRC, 6.36 million individuals submitted their return at least a month ahead of the deadline. Many even chose to complete theirs over the festive period with 37,435 customers filing their Self Assessment tax returns between Christmas Eve and Boxing Day, with our very own Marketing Director being one of those who did theirs on Boxing Day!  

Between 11am and 12pm on New Year’s Eve was the most popular time to file, with 3,927 returns submitted during that hour. Meanwhile, 19,789 people swapped the usual New Year’s Day walk or TV marathon for sorting their tax return instead.

In total, 54,053 taxpayers submitted their 2024/2025 return on 31 December and 1 January, including 342 people who filed in the final hour of 2025.

Myrtle Lloyd, HMRC’s chief customer officer, said: “New Year is a great time to start afresh. What better way than to ensure your tax affairs are in order for another year than completing your tax return.”

“If you have yet to start, the clock is ticking, go to GOV.UK and start today.”

HMRC is urging anyone who will struggle to meet the deadline to get in touch before 31 January. Those with a reasonable excuse will be treated fairly, it said.

What is Self-Assessment?

Self-Assessment is the process you go through each year where you complete a tax return and declare your income, capital gains and any other income during that tax year to HMRC, outside of income tax that is normally deducted from your wage or pension.  

Although most commonly done by those who are self-employed, anyone who has other income outside what is normally deducted from your wages and pension, need to complete a self-assessment form – which can be paper based or digital. Although you will need a HMRC Gateway account to file your tax return digitally – so do allow time to set that up 

Irrespective of employment status, if you have received any untaxed income before the deadline of that tax year, you may need to complete a tax return. Even if that income comes from eBay, Etsy or similar enterprises.

When you need to submit a tax return

This current tax year ends on 5 April 2026 and all tax returns for this year will need to be completed by 31st January 2027.

Normally, you must tell HMRC by 5 October if you need to complete a tax return and have not sent one before. Then there are different deadlines for different types of tax returns.

If you’re doing a paper tax return, you needed to submit it by midnight 31 October 2026. HMRC must receive a paper tax return by 31 January if you’re a trustee of a registered pension scheme or a non-resident company.  

If you’re doing an online tax return, you must submit it by midnight 31 January 2027, and if you want HMRC to automatically collect the tax you owe from your wages and pension, then you needed to submit your online tax return by 30 December 2026.

In all cases you need to pay the tax you owe by midnight 31 January 2027.  

If you’re interested in finding out more about how we can help you build a tax efficient portfolio, making best use of allowances available to you whilst ensuring your money is working hard, Why not give us a call on 0333 323 9065 or book a free non-committal initial consultation with a member of our team.

Arrange a free initial consultation

This article is intended for general information only, it does not constitute individual advice and should not be used to inform financial decisions.  

The Financial Conduct Authority (FCA) does not regulate tax or trust advice.  

The first Budget of my professional career was the 1988 Nigel Lawson “Giveaway” Budget. As an office junior, my job was to head into the city and queue up (with dozens of other fresh faced office juniors) to receive the printed full Budget from the Government’s press offices. I dutifully returned to work, clutching it in my sweaty palms, so that the senior advisers could pore over it. No internet, no leaks, just a bundle of white pages hastily stapled together.

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Since that March day (it always used to be in the Spring) Budgets have come and gone but they all have one thing in common. Namely, the fear and rumour that ferments in the days and weeks beforehand. I have to say that the media are one of the major guilty parties and, more than ever, are responsible for whipping up a frenzy of bitterness and resentment, even before the Chancellor, whoever they happen to be, has stepped up to the dispatch box.

I don’t think I’m wrong in saying that I’ve never witnessed quite so much ‘bracing’ in fear and anticipation as this Budget. The nation became paralysed in apocalyptic fear as if the end of the world were approaching.

So, I thought it was time to take stock and look at the Budget in the clear light of day and also in the context of historical Budgets.

The fear and rumour mill

Ever since that dreary March day in 1988, I can say that one fear has pervaded every single Budget. Namely, the fear that higher rate tax relief will be removed from pension contributions. This Budget was, of course, no exception and the fear spread even further than that. About sometime in September this year, a rumour started (I don’t know from where) that tax free cash (now technically known as the Pension Commencement Lump Sum, or PCLS) would be reduced from £268,275 to £40,000. Personally, I thought it was unlikely and wasn’t afraid to say so. Not only would it not result in higher tax take for the Treasury (who in their right mind would now willingly withdraw £286,275, subjecting themselves to income tax on £246,275?) but it would also have made Rachel and Labour, even more unpopular than they are already.

Nevertheless, a huge number of people acted and withdrew their tax free cash and are now sitting on it in a taxable environment.

But pensions were definitely going to take a bullet somehow. After all, they are still highly efficient methods of saving, something which seems to have been lost on some of the general public, based on a tsunami of negative press, again, which doesn’t always help. Animal Farm springs to mind when the animals, having taking over the farm, come up with the tenets of animal life. “Four legs good, two legs bad”. And so, the media has a similar chant “non pensions good, pensions bad”. But are they? If I were to tell you that you could invest in a pension and get 41.6% tax free cash from it, would you be interested? If you are a higher rate taxpayer, this is exactly what you get! For every £100 put in, you only pay £60 (20% tax relief at source and a further 20% back in your tax returns). So, tax free cash at 25% means 25% of £60 which equals 41.6%. When you retire, if you’re a basic rate taxpayer, you are only paying 20% on the £75 whenever you draw on it. By the way, if you make pension contributions and your earnings are between £100,000 and £125,140, because this income reduces your personal allowance, the equivalent tax relief is not 40%, it is 60% so the effective tax free cash rate is a whopping 62.5%.

Given how generous tax relief is, I think that the slight knock pensions took (future reductions in salary sacrifice) is really getting away with it.

The hammer blow came last year

Of course, last year’s Budget delivered a hammerblow to pensions in that, from April 2027, Inheritance Tax (IHT) will apply. For ten years, since George Osborne announced pensions ‘freedom’ many have earmarked their pension funds for Estate Planning purposes, since so this recent news was very unwelcome. In effect, this now puts pensions in roughly the same position as they were before 2015. Before 1995, remember, people were forced to buy annuities with their pension funds so, in spite of goal post moving, pensions are still the best tax planning vehicles around, so let’s not throw the baby out with the bath water.

Overall, it has to be said that the Budget was probably a slight relief. Many, myself included, had expected increases in Capital Gains Tax and even Income Tax and none of these came to pass. Instead, we saw a continued freezing of allowances. Stealth taxes. The death of wealth by a thousand cuts. Each one painless, but in five years’ time, we’re all significantly worse off without immediately feeling the pain. 

Stealth taxes are at the heart of the Budget

There were a few other ‘tampering's’ such as the reduction in cash ISA contributions from £20,000 to £12,000 for under 65s, and an increase to the tax rate on savings interest, both from April 2027, but this is mostly tinkering around the edges and irritants for some, at worst. There was an innovation in the introduction of ‘Mansion tax’ for houses worth over £2m but, again, this was kicked into the future and will not apply until 2028. But the stealth taxes, freezing of allowances, are at the heart of this budget.

I sometimes think of the 1988 “giveaway” Budget with fondness. Lawson reduced higher rate income tax from 60% to 40% and basic rate from 27% to 25%. All of this was possible due to the fact that the economy had been overheating (remember that?) but was now under control and the predicted Budget surplus allowed for such cuts. What luxury! There was uproar in the house and the Speaker had to suspend proceedings due to “grave disorder”. A lesser known MP called Alex Salmond exclaimed that it was an “obscenity” and was duly suspended for breaching Parliamentary convention.

The world has changed though, and the UK doesn’t have the room for manoeuvre afforded by those halcyon days. Nigel Lawson didn’t have the fallout of QE, Brexit, Covid and the Ukraine invasion to hamper him and I doubt if any modern day Chancellor from any persuasion would make us all happy, given the state of the economy. The only one who tried, and failed, was Kwasi Kwarteng who, in cahoots with Liz Truss, grabbed the Treasury money bag and started running down Whitehall throwing £20 notes in the air before being rugby tackled by the bond markets. I sadly, don’t expect too much from any Chancellor, from whichever party, over the next few years at least.

On the plus side, bond markets (the ultimate bellwether of economic prudence) have reacted well to the Budget. Gone are the days when a Labour Government would react to fiscal shortfall by applying for a payday loan!

So, in the final analysis, maybe the 2025 Budget was a bit of a non-event. But fear and loathing were the lasting memories of the days leading up to it, which probably explains why the UK economy reported a contraction in October. Meanwhile, back at Animal Farm, I’d like to paraphrase another animal tenet. “All Budgets are equal, but some are more equal than others”.

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This article is intended for general information only, it does not constitute individual advice and should not be used to inform financial decisions.

The opinions shared in this article are solely those of the individual and they do not necessarily reflect those of The Private Office. 

The Financial Conduct Authority (FCA) does not regulate cash flow planning, estate planning, tax or trust advice. 

UK inflation dropped more than expected in November to reach an eight-month low of 3.2%. Inflation, measured by the consumer prices index (CPI), fell to an annual rate of 3.2% in November, from 3.6% in October, according to the Office for National Statistics (ONS). The figure was below the 3.5% forecast from analysts surveyed by Reuters and marked a notable decline month on month.  

According to the ONS, the fall in inflation was driven by lower prices for food, drink and clothing. 

The unexpected drop only adds more weight to the argument for the Bank of England to lower interest rates on Thursday, 18th of December in an effort to support the economy.  

Bank of England governor Andrew Bailey has indicated he would back another quarter-point cut to 3.75% at this week’s Monetary Policy Committee meeting, provided official data continues to point to a slowdown in inflation. 

What is inflation and how is it measured?

Inflation is a measure of how the prices of goods and services have increased over time. Goods are tangible items sold to customers, such as food, while services are tasks performed for the benefit of recipients, such as a haircut. Generally, this increase is measured by considering the cost of things today compared to how much they cost a year ago. The average increase between these prices is demonstrated in the inflation rate.  

Rising interest rates directly affects the cost of living. For example, if the price of a bottle of milk is £1, and inflation is increasing by 5%, then your bottle of milk will cost you 5p more. Or, in other words, the spending power of your money has decreased by 5%.  

Ideally, the Government wants to keep inflation low and stable. The general mandated target for the Bank of England is 2%. Anything significantly above or below this target is thought to cause issues for the economy.  

The cost of living surged in recent years, with inflation peaking at 11% in 2022 - way above the Bank of England's 2% target, partly due to the increase in energy prices following Russia's invasion of Ukraine.

While the rate has dropped, falling inflation does not mean the goods and services are coming down in price overall, it is just that they are rising at a slower pace. 

Our chartered advisers are unbiased, meaning that they can give whole of market advice, and so are best placed to give you a plan tailored exactly to your personal financial goals.  

If you’d like to know more, request a free non-committal initial consultation with one of our team or give us a call on 0333 323 9065 and get in touch.

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This article is for information only and does not constitute individual advice. 

From April 2027, a major change in inheritance tax rules will mean some retirees may risk handing over up to 87 per cent of their pension and/or estate to the taxman. The reform, announced by Chancellor Rachel Reeves in her 2024 Budget, is targeted at the over‑70s and those with substantial pension pots. If you’ve built up a decent-sized pension and have other capital assets, you could be among those affected.

A big change is coming to unused pension funds

From 6 April 2027, most unused pension funds and death benefits will be included in the value of your estate for the purposes of Inheritance Tax (IHT).

Currently, pensions have been a tax‑efficient way to pass on wealth: if you die before age 75, beneficiaries can often receive your defined‑contribution pension pot tax‑free. This, however, is changing, with the Government branding pension pots used for legacy purposes as a “tax‑planning vehicle".

Under the new rules, your pension pot will be pulled into your estate. If that estate then exceeds the nil‑rate band (NRB) thresholds, IHT at 40 per cent applies on the excess.

What is the nil rate band?

The nil rate band is the portion of your estate which can be passed on to your beneficiaries free from IHT after death. Typically, the value of your estate, including savings, investments, possessions, and property, above the nil rate band will be subject to inheritance tax, though the rules can be relatively complex and there are some exceptions.

Currently, the nil rate band stands at £325,000 for a single person or £650,000 for a married couple. This threshold is frozen until 2031.

In addition, there is a residence nil rate band (RNRB) for those passing down their main residence to direct descendants. The RNRB allows a further £175,000 to be passed down tax-free, or £350,000 for a married couple. This means in total up to £1 million can potentially be passed on free of inheritance tax.

Consider a retired couple with substantial pension pots of, say, £800,000 in total and a home in the south‑east worth £650,000. Under the current IHT thresholds (nil rate band of £325,000, residence band of £175,000), the couple could pass the whole estate tax‑free, as pensions currently do not form part of the taxable estate.

From 2027, however, the pension pots would be included in the estate and could push the total value well above the tax‑free allowance, potentially triggering a 40 per cent IHT bill.

The average extra IHT burden is estimated at around £34,000 for affected estates.

Passing away after 75 could trigger a larger tax bill

If you die after age 75, additional tax considerations apply. Not only will IHT potentially apply, but your beneficiaries may also face income tax when they withdraw inherited pension funds.

Under current rules, a death after 75 means any remaining pension money is subject to income tax at the recipient’s marginal rate. Combine that with the new IHT inclusion and you get significant combined tax exposure:

• A basic‑rate taxpayer beneficiary could face an effective tax of up to 72 per cent
• A higher‑rate taxpayer: 82 per cent
• An additional‑rate taxpayer: about 87 per cent

These figures represent worst-case scenarios, and while they may apply only in certain circumstances, they underline the importance of reviewing your estate.

Important new spousal exemption announced in Autumn Budget 2025 

In a welcome move, the Autumn Budget 2025 introduced a new spousal exemption designed to offer some relief under the upcoming new rules. Under this change, pension assets left to a surviving spouse or civil partner will be exempt from inheritance tax, even where those assets now form part of the estate under the 2027 rules.

This mirrors the existing IHT exemption on transfers between spouses, providing continuity and reducing potential tax exposure on the first death. It’s important to note that this exemption does not apply when assets are left to children or other beneficiaries, so it may still be worth reviewing how your estate is structured. 

Increasing number of families could be affected by IHT 

Until now, many middle‑to‑wealthy savers assumed their pension would never fall under IHT. That assumption may no longer hold from 2027. The fact that thresholds will remain frozen until 2031 could amplify the number of families affected.

Who might be most impacted?

• Families in the South‑East and London with higher house prices
• Those with pension pots above average
• Couples where one spouse has left a large portion of their pension untouched

Retirees already in their 70s, with less flexibility for long-term restructuring, may wish to start exploring options in due course, though not all actions need to be immediate. 

What to consider to mitigate potential IHT on pensions

With this change on the horizon, some forward thinking can help you stay in control. For example, one practical step is ensuring your pension allows beneficiary drawdown. This lets beneficiaries withdraw pension funds flexibly, potentially spreading the tax impact across multiple years, particularly helpful if they can withdraw during lower-income periods.

There may also be benefits in gifting other assets such as cash or non-pension investments during your lifetime. This approach won’t suit everyone and depends on your circumstances, but it can be both tax‑efficient and personally rewarding.

Other options include converting some of your pension into an annuity or single whole-of-life insurance (possibly funded via pension withdrawals). Depending on your circumstances, it may also make sense to access your tax-free pension lump sum and gift or reinvest it in a more inheritance-friendly structure. Some may also consider drawing income up to their basic rate band for gifting or spending.

Do bear in mind: while the overall framework is clear, the detailed legislation is still being finalised, and technical aspects may evolve.  

Possible next steps:

If you’ve built up a reasonable pension and are concerned about how these changes might affect your legacy, it’s worth starting a conversation, either with your adviser or a specialist. While immediate action isn’t always necessary, early awareness and informed planning can help ensure your estate is aligned with your wishes.

We offer a free initial consultation to explore what might work for your individual situation and how to keep your legacy as tax‑efficient as possible. 

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This article is intended for general information only, it does not constitute individual advice and should not be used to inform financial decisions.

The Financial Conduct Authority (FCA) does not regulate cash flow planning, estate planning, tax or trust advice.

The information contained within this article is based on our understanding of legislation, whether proposed or in force, and market practice at the time of writing. Levels, bases and reliefs from taxation may be subject to change.

A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age). 

Chancellor Rachel Reeves gave her second Budget speech on 26 November 2025. After much worry and speculation, there were thankfully no changes announced to the rules around pension tax relief and tax-free cash (pension commencement lump sums). However, there are going to be changes to the salary sacrifice rules for pension contributions - from April 2029, only the first £2,000 per annum of sacrificed salary will be exempt from employer and employee National Insurance (NI).  

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Other announcements included an increase in the rates of income tax on dividends, property and savings income by 2 percentage points (some changes from April 2026 and some from April 2027) and a freezing of the income tax bands in England, Wales and Northern Ireland for a further three tax years until April 2031.

From April 2027, changes will be made to the ISA allowance so that only the over 65s will be able to place the full £20,000 into Cash ISAs (capped at £12,000 into Cash ISAs for the under 65s).

TPO Partner, David Dodgson, appeared on BBC Money Box Live on budget day, sharing his thoughts on the Chancellor's statement.

Listen now on BBC Sounds

We have summarised the main points of the Budget below, along with a reminder of various changes from April 2026 that we were already aware of. Further guidance will be published as necessary and as more detail becomes available. 

Pensions

Salary sacrifice  

From April 2029, anyone sacrificing more than £2,000 per tax year for employer pension contributions won’t save NI on the excess. Employers will also pay NI on any excess.

Such contributions still receive income tax relief as they would if made via a different method such as relief at source.

State pension

The triple lock means the new state pension and basic state pension are expected to increase by 4.8% in April 2026. This will mean a full new state pension figure of £241.30 per week and a full basic state pension of £184.90 per week. The government has committed to maintaining the triple lock for the duration of this Parliament.

Restrictions will be introduced on the making of Class 2 voluntary NI (VNICs) to achieve state pension for those living overseas by increasing the initial residency or contributions requirement for VNICs to 10 years. The government is also launching a wider review of VNICs, with a call for evidence to be published in the new year.

Changes will be made from 2027 to avoid those whose sole income is the state pension having to pay small amounts of income tax through Simple Assessment (which will become increasingly likely as the state pension increases, and the personal allowance remains frozen).  

Pension Protection Fund / Financial Assistance Scheme

The government will introduce payment of inflation increases on pre-97 pensions to PPF and Financial Assistance Scheme (FAS) members of up to 2.5 per cent. This would apply to those members whose original schemes provided for indexation on pre-97 pensions. The move would broadly align pre-97 indexation rules with those already in place for post-97 pensions for PPF and FAS members.

Investments

Individual Savings Accounts (ISAs)

From April 2027, changes will be made to the ISA allowance so that only the over 65s will be able to place the full £20,000 into Cash ISAs. Those under 65 are capped at £12,000 into Cash ISAs with the balance having to be placed in other ISA types if they wish to make use of the full allowance.

 The annual subscription limits all remain at their current levels in 2026/27, i.e.

• £20,000 ISA
• £4,000 Lifetime ISA
• £9,000 Junior ISA (and Child Trust Fund)

Lifetime ISA

Consultation to take place early next year on replacing the Lifetime ISA (LISA) with a new product for first-time buyers.

Enterprise Investment Scheme and Venture Capital Trust 

Changes to be introduced in Finance Bill 2025-26 to take effect from 6 April 2026:  

• The Income Tax relief that can be claimed by an individual investing in Venture Capital Trust (VCT) to reduce to 20% from the current rate of 30%
• The gross assets requirement that a company must not exceed for the Enterprise Investment Scheme (EIS) and VCT to increase to £30 million (from £15 million) immediately before the issue of the shares or securities, and £35 million (from £16 million) immediately after the issue
• The annual investment limit that companies can raise to increase to £10 million (from £5 million) and for knowledge-intensive companies to £20 million (from £10 million)The company’s lifetime investment limit to increase to £24 million (from £12 million) and for knowledge-intensive companies to £40 million (from £20 million)

The increases to the annual, lifetime and gross asset limits apply only to qualifying companies that are not registered in Northern Ireland trading in goods or the generation, transmission, distribution, supply, wholesale trade or cross-border exchange of electricity. These companies will remain eligible for the current scheme limits.

EIS and VCTs are higher risk investments and they are not suitable for all investors. There is a chance that all of your capital could be at risk and you should not invest into these types of plans without seeking advice.

Enterprise Management Incentive (EMI) scheme

The measure will amend provisions for some of the limits relating to the EMI scheme. For eligible companies, the changes that will apply to EMI contracts granted on or after 6 April 2026 are the limit on:

• Company options will be increased from £3 million to £6 million
• Gross assets will be increased from £30 million to £120 million
• The number of employees will be increased from 250 employees to 500 employees

Taxation

Income tax

Income tax bands in England, Wales and N. Ireland have been frozen for a further three tax years to April 2031 (had already been frozen to April 2028).

All income tax rates and bands remain at their current levels in 2026/27 apart from as outlined below.  

Changes to tax rates for property, savings & dividend income

• Tax on dividend income will increase by 2 percentage points. The ordinary rate will rise from 8.75% to 10.75%, and the upper rate from 33.75% to 35.75% from April 2026. The additional rate will remain unchanged at 39.35%. The £500 dividend allowance remains in place.  
• Tax on savings income will increase by 2 percentage points across all bands. The basic rate will rise from 20% to 22%, the higher rate from 40% to 42%, and the additional rate from 45% to 47% from April 2027. The starting rate band and personal savings allowance remain unchanged.
• The government is creating separate tax rates for property income (any income from letting land and buildings). From April 2027, the property basic rate will be 22%, the property higher rate will be 42% and the property additional rate will be 47%. Finance cost relief will be provided at the separate property basic rate (22%). The £1,000 property allowance and Rent a Room Scheme remain in place.

The way individuals report and pay tax on property, savings and dividend income will remain the same – it is only the rates of tax charged that will change. The income tax ordering rules will be changed from April 2027 so that the Personal Allowance will be deducted against employment, trading or pension income first.

The changes to property income rates will apply in England, Wales and Northern Ireland. The government will engage with the devolved governments of Scotland and Wales to provide them with the ability to set property income rates in line with their current income tax powers in their fiscal frameworks. The changes to dividend and savings income rates will apply UK-wide as these rates are reserved.

Tax and NI thresholds

• No increases to the headline rates of income tax (see above regarding future rates for savings/dividend/property income), National Insurance contributions (NICs) or VAT
• Income tax thresholds and the equivalent NICs thresholds for employees and self-employed frozen at current levels for a further three years from April 2028 to April 2031
• NI Secondary Threshold frozen at its current level from April 2028 to April 2031
• Plan 2 student loan repayment threshold will be frozen at its 2026/27 level for three years from April 2027

National Living Wage

National Living Wage will increase by 4.1% to £12.71 per hour for eligible workers aged 21 and over.  

Capital gains tax

The annual exemption remains at £3,000 (a maximum of £1,500 for discretionary/interest in possession trusts – shared between all settlor’s trusts subject to a minimum of £300 per trust).

CGT rates remain as they currently are:

• 18% for any taxable gain that doesn’t fall above the basic rate band when added to income and 24% on any gain (or part of gain) that falls above the basic rate band when added to income
• Unused personal allowance can’t be used for capital gains
• Discretionary/interest in possession trustees and personal representatives pay at the higher rates (24%)

Inheritance tax  

In an improvement to the Business and Agricultural Relief changes from next April, the £1 million limit on 100% Business and Agricultural Relief will be transferable between spouses if unused on first death (including where first death was before 6 April 2026).

Capping inheritance tax trust charges for former non-UK domicile residents - this measure introduces a cap on relevant property inheritance tax charges for trusts which held excluded property at 30 October 2024. The relevant property charges are capped at £5 million over each 10 year cycle.

Anti-avoidance measures for non-long-term UK residents and trusts - this measure will look-through non-UK companies or similar bodies to treat UK agricultural land and buildings as situated in the UK for inheritance tax purposes. It also provides that where a settlor ceases to be a long-term UK resident, there will be an Inheritance Tax charge if there is a later change in situs of their trust assets.

Also, Inheritance Tax charity exemption will be restricted to gifts made directly to UK charities and registered clubs and excluded from gifts to trusts which are not registered as UK charities or clubs.

IHT thresholds to be fixed at their current levels for one further tax year to April 2031, as shown below:  

• Nil-Rate Band (NRB) at £325,000
• Residence Nil-Rate Band (RNRB) at £175,000
• RNRB taper, starting at £2 million
• combined £1 million allowance for 100% APR and Business Property Relief (BPR) relief

Previously announced changes:  

The government is implementing previously announced reforms to taxes on wealth and assets including:

• From 6 April 2026, the CGT rate for Business Asset Disposal Relief and Investors’ Relief will increase to match the main lower rate at 18%
• From 6 April 2026, the government will reform agricultural property relief and business property relief
• From 6 April 2026, the government will introduce a revised tax regime for carried interest which sits wholly within the income tax framework
• From 6 April 2027, the government is removing the opportunity for individuals to use pensions as a vehicle for IHT planning by bringing unspent pots into the scope of IHT

Internationally mobile individuals

The government is to make changes to the way internationally mobile individuals are taxed, closing loopholes and capping relevant property trust charges payable by certain trusts. Further details are to follow.

New mileage tax on electric cars

A new 3p charge per mile on electric cars.

Universal credit

The two-child benefit cap is to be abolished from April 2026.

Employee ownership trusts (EOT)

The 100% relief from capital gains tax on businesses sold to Employee Ownership Trusts will be reduced to 50%.

High value council tax surcharge HVCTS (‘Mansion tax’)

From April 2028, a council tax surcharge will apply to properties worth more than £2m in 2026. This will be £2,500 for properties worth £2m-£2.5m rising in bands to a maximum of £7,500 for homes valued at over £5m. Charges will increase in line with CPI inflation each year from 2029 onwards. Homeowners, rather than occupiers, will be liable to the surcharge and will continue to pay their existing Council Tax alongside the surcharge.  

GOV.UK : High Value Council Tax Surcharge

Stamp duty

From 27 November 2025, there is an exemption from the 0.5% Stamp Duty Reserve Tax (SDRT) charge on agreements to transfer securities of a company whose shares are newly listed on a UK regulated market.

The exemption will apply for a 3-year period from the listing of the company’s shares.  

Tax Support for Entrepreneurs

A Call for Evidence has been published seeking views on the effectiveness of existing tax incentives, and the wider tax system, for business founders and scaling firms, and how the UK can better support these companies to start, scale and stay in the UK. The Call for Evidence will close on 28 February.

If you’d like to know how the budget may impact your financial plans, why not get in touch and speak to one of our advisers today for a free initial consultation. 

Arrange your free initial consultation

The Financial Conduct Authority (FCA) does not regulate estate planning or tax advice.

This article is intended as information only and does not constitute financial advice.  

The information contained in this article is based on our understanding of legislation, whether proposed or in force, and market practice at the time of writing. Levels, bases and reliefs from taxation may be subject to change. 

Rachel Reeves’s long-awaited budget arrived earlier than expected, as it was published by the Office for Budget Responsibility an hour before it was supposed to be delivered in Parliament, leading to unprecedented scenes in the House of Commons.

The key changes were:

•  Frozen tax bandings 

  Having already been frozen from 2021until 2028, there were rumours of an extension until 2030, but in fact the freeze was extended for three further years to 2031.  The impact of this over a decade will be significant as was explored in this recent article from The Times to which The Private Office were pleased to contribute. 

•  A 2% increase on Dividend, Savings and Rental Income Tax

  Dividend tax rates will increase from 8.75% and 33.75% to 10.75% and 35.75% respectively for basic and higher rate taxpayers with effect from April 2026.  Additional rate dividend tax will remain unchanged at 39.35%

  Savings and Property income tax will increase from 20%, 40% and 45% to 22%, 42% and 47% for basic, higher and additional rate taxpayers with effect from April 2027.

• The Cash ISA allowance will be limited to £12,000 with effect from April 2027 for under 65s 

  This had been widely rumoured, but investors will be pleased to see the Stocks & Shares ISA remaining at £20,000 and for the over 65s they can still use the cash ISA allowance in full.

• Salary sacrifice on pension contributions

  With effect from April 2029, there will be a limit of £2,000 p.a. for pension contributions being paid directly into workers’ pensions, thereby saving national insurance being paid on the income. However, investors will be pleased to see tax relief on pension contributions remaining unchanged.

• A mansion Tax on homes worth over £2,000,000 

  This will be set at a rate of £2,500 for homes valued at over £2m, rising to £7,500 for homes valued at over £5m and will come into effect in 2028 .

• Agricultural and Business Property Relief threshold of £1m can be transferred between spouses if unused on death

  This will have been welcomed by Business Owners and Farmers as assets will no longer need to be passed to children on first death to take advantage of the additional Agricultural and Business Property relief, though many may have already changed their Wills to reflect the previous rules so further planning may now be required.

• Failed pre-1997 pensions that have entered the Pension Protection Fund (PPF)

  Individuals will benefit from indexation in a boost for those who lost out when their scheme failed.

•  Infected Blood Compensation Scheme 

  The government has confirmed that compensation will be relieved from Inheritance Tax. This has caused a great deal of distress over the years to a number of families so this will be a welcome change.

• Tax relief on Venture Capital Trust (VCT) investments reduced from 30% to 20% from April 2026  

  The government says this will better balance the amount of upfront tax relief offered compared to EIS investments, where dividend relief is not available. 

TPO Partner, David Dodgson, appeared on BBC Money Box Live on budget day, sharing his thoughts on the Chancellor's statement.

Listen now on BBC Sounds

As well as the above changes, it is important to acknowledge the following areas that did not change despite strong rumours prior to the budget:

• Income Tax rates
• Pension contribution tax relief
• Pension tax free cash
• Capital Gains Tax rates

At the time of writing, Bond markets appear to have digested the budget relatively well, with Gilt rates remaining broadly unchanged.

In summary, after months of speculation, many of the rumoured changes did not materialise, but the combination of further frozen income tax bandings, increases to dividend, saving and property income tax and reduced cash ISA allowances, will make planning more important than ever.  Many of the upcoming changes will take effect at different times, so there will be opportunities to limit the impact of the changes through careful planning over the coming years.  Pensions remain attractive from a tax relief perspective and Stocks and Shares ISAs remain a tax efficient way of saving.  

If you’d like to discuss the impact of the budget on your finances, why not get in touch to speak to one of our advisers. We’re offering everyone with £100,000 in savings, investments or pension a free financial review worth £500. 

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The Financial Conduct Authority (FCA) does not regulate estate planning or tax advice.

This article is intended as information only and does not constitute financial advice.  

The opinions shared in this article are solely those of the individual and they do not necessarily reflect those of The Private Office.

The information contained in this article is based on our understanding of legislation, whether proposed or in force, and market practice at the time of writing. Levels, bases and reliefs from taxation may be subject to change.