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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.

On Wednesday 19 November the Senedd held a wide-ranging open debate on whether a wealth tax would work for Wales, with members presenting sharply contrasting views on the proposal's practicality, economic impact and moral imperative. The two-hour debate, opened by Labour MS Julie Morgan and co-sponsored by John Griffiths (Lab) and Jane Dodds (Lib Dem), examined proposals for a 2% annual levy on assets exceeding £10 million.

The Welsh Senedd witnessed a dramatic evening on Wednesday 19 November as a Plaid Cymru motion on the UK Budget failed to secure support, whilst an amendment from the Labour Welsh Government fell on a tied vote requiring the casting vote of the Llywydd (Speaker). The debate exposed deep divisions between the parties over Wales's relationship with Westminster and the effectiveness of Labour's 'partnership in power'.

Britain’s property tax system is outdated and economically incoherent, but reforming it will not be simple, experts said at a joint CIOT and IFS debate.

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.

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.