What can we expect in the Autumn Budget?

Important information - the value of investments and the income from them, can go down as well as up, so you may get back less than you invest.

What we know already 

• State Pension. The government intends to adjust the Triple Lock from April 2030 to fund a national care service. Rather than rising by the highest of wage growth, inflation or 2.5%, State Pension payments will rise in line with the highest of inflation or 2.5%. There will also be a mechanism to ensure the State Pension keeps up with earnings growth over time. 
• Support for first-time buyers. The government has announced a scheme called “Your First Home”. It will provide first-time buyers who put down a 2.5% deposit with a 20% equity loan to help them onto the property ladder. Initially the loan will be interest free. The scheme will only apply to new-build properties in England, and will impose a household income cap and local property price caps. More detail will be provided in the Budget. 
• Tax cut on electricity bills. In one of his first moves as PM, Mr Burnham pledged to remove VAT from domestic electricity bills from 1 October. This is expected to save households around £45 a year. 

Some major changes to saving, investing and passing on wealth were also announced in last year’s Autumn Budget - and the one before that. The new rules are due to come into force in 2027 and 2028. 

• IHT on pensions. From 6 April 2027, most unused pensions will be included in your estate for inheritance tax (IHT) purposes. This marks a major shift in retirement and estate planning, given pensions have long been one of the most tax-efficient ways to pass on wealth. The change was announced in the Autumn Budget 2024.

Watch: 9 ways to protect your pension from IHT changes

• ISA reform. From 6 April 2027, the cash ISA allowance is due to fall from £20,000 to £12,000 for under-65s. The overall ISA allowance will remain at £20,000. To avoid people bypassing the new cap, uninvested cash in a stocks & shares ISA will be taxed at 22% and investors will be unable to hold 100% of their investment portfolio in money market funds. These changes were announced in the Autumn Budget 2025.

Read: How ISAs will change in 2027

• High Value Council Tax Surcharge. A new surcharge for residential properties in England worth more than £2m is due to take effect from April 2028. The annual charge is expected to range from £2,500 to £7,000, depending on the property's value. It was announced in the Autumn Budget 2025. This month, however, media reports suggested the “mansion tax” threshold could be lowered from £2m to £1.5m. This has not been confirmed by the government. 

Areas to watch

The government has not published its Budget plans and no further tax changes have been confirmed. However, several areas have featured in speeches and wider policy discussions.

• CGT changes. There has been discussion about whether capital gains should be taxed more like to earnings. While no specific policy has been announced, capital gains tax (CGT) is one of several areas commentators have highlighted as a possible candidate for reform. CGT is charged on gains from selling assets such as shares and second homes. 
• Land and property tax. Mr Burnham has previously argued that the UK's property tax system is outdated and has expressed support for a land value tax. Unlike council tax or stamp duty, this tax would be levied on the value of the land itself, rather than the buildings standing on it. In late July, however, Mr Burnham said there were no immediate plans to abolish stamp duty or council tax. 
• Inheritance tax. Mr Burnham has previously spoken about reforming inheritance tax, (IHT) including replacing the current system with a broader levy on estates. He has also spoken of the need to fix adult social care, setting out a vision of an NHS-style system. However, the PM said he will put the plan to the public at a general election, which suggests social care reform might not appear in the upcoming Autumn Budget. 
• Income tax, VAT and National Insurance. The government has indicated it does not intend to increase the main rates of income tax, VAT or National Insurance, although - as with all Budget measures - no announcements have yet been made.
• Defence spending. The government has committed to boosting defence spending to 3.5% of GDP by 2035. However, media reports suggest that Mr Healey will use the Budget to shelve his own target of spending 3% of GDP on defence by 2030.

Read: State Pension ages: the rise to 68 - and the pension impact

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• Read: What £500+ rise in the State Pension means for your tax bill
• Read: 7 questions before you take tax-free cash from your pension
• Read: Where next for interest rates?