Story perspectives

Chancellor's Budget Plans: Tax Hikes and Major Reforms Ahead

11/13/2025

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Summary

Story summary

Speculation ahead of Budget suggests Chancellor of the Exchequer Rachel Reeves will propose tax increases to close a £30 billion shortfall on November 26, 2025.
Rumors include a 2p rise in income tax affecting higher earners.
Changes to inheritance tax could introduce a lifetime gifting cap and scrap the residence nil-rate band.
Officials are discussing shifting from stamp duty to a national property tax, which could affect London property transactions.

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Story summary

Speculation ahead of Budget suggests Chancellor of the Exchequer Rachel Reeves will propose tax increases to close a £30 billion shortfall on November 26, 2025.
Rumors include a 2p rise in income tax affecting higher earners.
Changes to inheritance tax could introduce a lifetime gifting cap and scrap the residence nil-rate band.
Officials are discussing shifting from stamp duty to a national property tax, which could affect London property transactions.