Autumn Budget 2025
Autumn Budget 2025: what you need to know
Read our latest insight and analysis of Budget announcements.
React to the Autumn Budget with our tips for success.
Find out how proposed changes could impact your investments, pensions and savings.
Important information: investing for 5+ years increases your chances of positive returns compared to cash savings. But investments rise and fall in value, so you could get back less than you put in. Tax benefits depend on your circumstances and rules could change in the Budget. Once held in a pension, money isn’t usually accessible until age 55 (57 from 2028). This isn’t personal advice. If you’re not sure what’s right for you, ask for advice.
Important information: investing for 5+ years increases your chances of positive returns compared to cash savings. But investments rise and fall in value, so you could get back less than you put in. Tax benefits depend on your circumstances and rules could change in the Budget. Once held in a pension, money isn’t usually accessible until age 55 (57 from 2028). This isn’t personal advice. If you’re not sure what’s right for you, ask for advice.
Autumn Budget: what it means for you
Chancellor Rachel Reeves has delivered her second Autumn Budget since Labour came into power. React to the latest announcements with our expert analysis and tips for success.
Think ahead
Avoid knee-jerk decisions that you might regret later.
Talk it through
If you’re not sure what’s right for you, talk to people you trust or an expert adviser.
Time to take advantage of your ISA and pension allowances?
Stocks and Shares ISA
Invest up to £20,000 each tax year and you could get inflation busting, tax-free growth with your pick of ISA investments.
HL Cash ISA
Save up to £20,000 each tax year and get tax-free interest.
Pick, mix and switch between great rates from multiple banks.
Self-Invested Personal Pension
Pay in up £60,000 each tax year and enjoy 20-48% tax relief on qualifying contributions.
Key announcements from the Budget
Income tax threshold freeze extended
Salary sacrifice to be slashed - what does this mean for savers?
Cash ISA allowance cut - what’s next?
Savings and dividend tax increased - what does this mean for your savings?
Autumn Budget: latest news and views
Stay informed with our analysis of Budget implications, speculation and rumours. See all HL updates on the Budget
Podcast: key changes to savings, ISAs and pensions
Explore what the Autumn Budget 2025 means for you, from tax freezes and ISA cuts to changes in savings, dividends, pensions and key investor updates.
FAQs
Common questions on the Autumn Budget.
Chancellor Rachel Reeves delivered Labour’s latest Budget on Wednesday 26 November.
The ISA allowance this tax year is £20,000.
You're free to split your ISA allowance any way you like across Stocks and Shares ISAs, Cash ISAs, a Lifetime ISA (maximum of £4,000) and Innovative Finance ISAs, as long as you stay within the overall limit.
For example, you could put £5,000 in a Cash ISA, £4,000 in a Lifetime ISA and the remaining £11,000 in a Stocks and Shares ISA.
The allowance is smaller for Junior ISAs. The limit this tax year is £9,000.
The tax year runs from 6 April to 5 April, and the deadline for adding money is midnight 5 April.
Capital Gains Tax (CGT) is a tax that can be due when you sell something that’s increased in value, or you transfer it outside of your estate, e.g. to another person or into a trust. It can apply when selling or transferring lots of different assets, like shares or property. It’s only the gain in value that may be subject to tax, not the total value of the asset.
CGT has a different tax rate depending upon whether it applies to business assets or non-business assets.
Annual capital gains tax allowance: £3,000 (2025/26)
Gains which when added to taxable income fall in the UK basic rate tax band - 18%
Gains which when added to taxable income fall in the UK higher or UK additional rate tax band - 24%
Every UK resident under 75 qualifies for basic-rate (20%) tax relief on pension contributions, even children and other non-taxpayers. You can usually add whichever's highest out of the amount you earn, or £3,600, and receive tax relief each year. There is also an annual allowance (£60,000 for most people) which limits what you can pay in. Each contribution includes what you pay in, any employer contributions, as well as what the government adds in tax relief.
This basic-rate tax relief is added to your pension automatically. Your pension provider claims it for you from the government and adds it to your pension.
If you pay higher-rate tax (40%) you can claim up to a further 20% in tax relief through your tax return or local tax office.
Top-rate taxpayers (45%) can claim back up to a further 25%. You must pay enough tax at the relevant rate to claim back the full amount.
If you’re a Scottish taxpayer the amount of tax relief you can claim is different. Take a look at our information on the Scottish income tax changes page.
Tax rules can change over time and the relief you receive depends on your circumstances.