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The Second Reading of the Finance (No. 2) Bill 2025 in the House of Commons on 16 December was dominated by debate on reforms to inheritance tax, income tax thresholds and business taxation. MPs from across the political spectrum raised concerns about the impact on family farms and working households, with government ministers continuing to argue that the choices are “fair and necessary”.

The government’s proposal to cap National Insurance contributions (NICs) relief on pension salary sacrifice at £2,000 a year passed its Second Reading in the House of Commons this week, with ministers insisting reform is necessary but critics claiming it punishes savers.

The House of Commons Treasury Committee held three post-Budget hearings in the two weeks following Budget 2025, meeting with the Office for Budget Responsibility, economists and the Chancellor and her officials, and questioning them about the Budget process, the public finances and the measures announced on 26 November.

During a House of Lords Finance Bill Sub-Committee session on 8 December, peers heard from the Exchequer Secretary to the Treasury alongside senior officials on inheritance tax changes to unused pension pots and business and farming reliefs. A government official acknowledged that the changes in respect of pension pots would add to the burden on personal representatives who administer the estates of people after their death.

During a House of Lords debate on 4 December, more than 70 peers discussed tax measures from the Budget, with the impact of the income tax thresholds freeze and the new council tax surcharge in the spotlight.

Finance Bill 2025-26 has been published, containing controversial proposals for inheritance tax reform and legislating for the registration of tax advisers.

MPs have agreed the Budget resolutions following four days of debate. The freezing of income tax thresholds, inheritance tax changes and the overall tax burden were amongst the most discussed topics. Voting saw a small rebellion on the IHT reforms.

On 10 November 2025, the House of Lords Finance Bill Sub-Committee questioned a leading tax barrister on changes to the government’s approach to tax policy making. The peers also questioned CenTax about the government’s modelling for their inheritance tax changes and how the proposal might be reformed.

On 16 October 2025, the Chartered Institute of Taxation (CIOT) held a roundtable to explore the topic of tax compliance for small businesses. The discussion brought together a diverse group of stakeholders, including representatives from business, policy makers, think tanks and tax professionals.

This was our collation of the latest rumours regarding what would be included in the November Budget 2025, originally compiled on Friday 14 November and subsequently updated daily on weekdays until 26 November Budget day.