Blog

The Treasury Committee heard evidence on 12 November 2025 from a panel of property tax experts ahead of the Budget on 26 November, with three of the four witnesses agreeing that stamp duty land tax (SDLT) should be abolished, though views diverged on what should replace it.

This is our collation of the latest rumours around what will be in the 26 November 2025 Budget, put together on Friday 14 November but with daily updates to be added on weekdays until Budget day.

On 3 November, the House of Lords Finance Bill Sub-Committee heard the views of pension industry representatives and two ex-ministers on the government’s proposals for applying inheritance tax to unused pension pots. Peers and witnesses alike expressed concern about the practicalities of the proposals, particularly the responsibilities being put on personal representatives.

As the Tax and the Family project closes down, Leonard Beighton looks at where the tax and benefit system is today, particularly in relation to families, and how the many issues it faces might be tackled.

On 28 October 2025, the House of Commons Treasury Committee examined the taxation of the gambling industry ahead of the Budget. The committee published a report the following week calling on the government to sharpen the differentiation between physically present gambling related to horseracing or arcades, versus more harmful online games.

On 27 October 2025, the House of Lords Finance Bill Sub-Committee took evidence on proposed changes to Business and Agricultural Property Reliefs. Industry leaders warned that the changes risk creating liquidity crises, valuation disputes and emotional hardship for owners.

Major speeches from Reform UK’s leader and deputy leader this week highlighted significant developments in the party’s economic strategy, and the way forward for further policy development.

The Treasury Committee heard evidence from two former coalition government ministers – George Osborne and Vince Cable – on 5 November 2025 as part of its inquiry into the upcoming Budget. Both supported reform of property taxation and the merger of income tax and national insurance.

During a plenary session at the Senedd on 14 October, the Finance Secretary set out the Welsh government's draft spending plans and tax proposals for 2026-27. The draft Budget maintains current rates for Welsh income tax and Land Transaction Tax, changes the LTT multiple dwellings relief and increases the standard rate of Landfill Disposals Tax for 2026-27.

Leading professional bodies have warned that the government’s proposal to introduce a strict liability criminal offence for failure to disclose under the Disclosure of Tax Avoidance Schemes (DOTAS) regime risks criminalising legitimate tax planning and could have a chilling effect on the UK’s tax advisory profession.