Here the team from Saffery look at the key tax changes for businesses announced by Chancellor John Healey in the 2026 Autumn Budget. The Budget delivered a broad package of targeted changes affecting business investment, corporate transactions and tax administration, rather than fundamental reform of the business tax system. Changes to capital allowances include an increase in the first year allowance for qualifying expenditure from 40% to 50%, alongside a further reduction in the main writing down allowance rate from 14% to 12%. Other significant measures include making the foreign branch exemption mandatory, reforming the taxation of company distributions and repayments of capital, and introducing a new digital securities transfer tax. There were also a number of measures aimed at simplifying the tax system and reducing administrative burdens. These include removing the R&D claim notification requirement, simplifying the Additional Information Form and making technical improvements to the venture capital schemes. At the same time, businesses will need to prepare for wider changes to VAT and tax administration, including expanded VAT obligations for online marketplaces and overseas suppliers, mandatory VAT e-invoicing and the increasing use of technology and AI across HMRC. You can view the detail behind each of the announcements below: Capital Allowances The Chancellor remained focused on his commitment to back British businesses by maintaining the full expensing regime, along with some additional changes from April 2027: A reduction in the main rate of writing down allowances from 14% to 12% from April 2027 (note the rate changed from 18% to 14% from April 2026 following the Autumn 2025 Budget). An increase in the main rate first year allowance (FYA) from 40% to 50% for qualifying expenditure incurred on or after 1 January 2027 (which is also available for unincorporated businesses). Following the consultation on the tax treatment of pre-development costs, which considered the implications of the Supreme Court’s decision in Orsted West of Duddon Sands (UK) Ltd and others v HMRC [2026], the government also published its response. The government has confirmed that it will not make immediate changes to the capital allowances legislation. Instead, it will work with stakeholders to consider improvements to HMRC guidance, with the aim of providing greater clarity and certainty on how the existing capital allowances rules apply to pre-development expenditure. Key Takeaway The government is continuing to steer investors towards making capital allowances claims with the benefit of first year allowances. While investors with large main pool balances will feel the impact of the reduction of the main pool writing down allowance, investors should plan to optimise the investment incentives that are available to be claimed from year one. Corporate Tax - Larger Corporates While the main rate of corporation tax remains unchanged at 25%, the Budget included a range of announcements affecting companies. Permanent Establishment Exemption For accounting periods beginning on or after 1 January 2027, the foreign branch exemption will become mandatory for UK resident companies with overseas branches (previously optional). This means that profits and losses of foreign branches will be excluded from UK corporate tax. Key Takeaway Companies with overseas branches should review their existing structures, loss utilisation, cash-tax forecasts and related deferred tax assets, particularly as loss relief from branches will no longer be available. Investment Life Insurance Contracts For accounting periods beginning on or after 1 January 2027, the corporation tax exemption for payouts from investment life insurance contracts will be restricted to contracts that are not held for the purposes of a trade. Company Payments To Participators Following a consultation on the proposed reporting framework for transactions between close companies and their participators, the government has decided not to proceed with the new reporting requirements at this stage. HMRC will continue to engage with stakeholders to address the concerns raised and ensure taxpayers have the information needed to meet their obligations. Government seeks views on simplifying corporation tax for business investment The government has published Corporate Tax Simplification for Business Investment, a consultation on how the UK corporation tax system could be simplified to provide greater certainty and support business investment, growth and competitiveness. The consultation focuses on three main areas: financing and international activity, investment and innovation, and the wider corporation tax experience. It forms part of the government’s wider programme to create a more stable and predictable corporation tax environment. The consultation closes on 21 November 2026, giving businesses and advisers a relatively short period in which to respond. Pillar 2: Side-by-Side Package and further amendments The government has confirmed that Finance Bill 2026-27 will amend the UK’s Multinational Top-up Tax (MTT) and Domestic Top-up Tax (DTT) rules to implement the OECD’s Side-by-Side package, alongside further technical changes to the existing Pillar 2 legislation. The package introduces a number of simplifications and safe harbours, including the Side-by-Side and Ultimate Parent Entity Safe Harbours, a Simplified Effective Tax Rate Safe Harbour, a safe harbour for certain substance-based tax incentives, and an extension of the Transitional Safe Harbour. The Side-by-Side Safe Harbour can remove UK MTT exposure for qualifying groups and is expected to be particularly relevant to US-parented multinational groups. Importantly, the Side-by-Side Safe Harbour does not switch off the UK’s Domestic Top-up Tax. Qualifying groups, including US-parented groups, will therefore still need to consider whether UK entities have a DTT liability. The Side-by-Side package will apply for accounting periods beginning on or after 1 January 2026, while the further technical amendments will mainly apply for accounting periods beginning on or after 31 December 2026. Key Takeaway Groups within Pillar 2 should revisit their 2026 calculations and compliance processes. The new safe harbours could materially simplify Pillar 2 compliance and reduce MTT exposure, particularly for qualifying US-parented groups, but they do not remove the need to consider UK DTT. Advance Tax Certainty Service: Threshold Reduction The government has announced a package of changes to the Advance Tax Certainty Service (ATCS), designed to broaden access to the service and refine its operation following its launch in July 2026. The key change is a significant reduction in the minimum investment required for a project to qualify, from £1 billion to £300 million. This should materially increase the number of major investment projects able to obtain advance certainty from HMRC on their tax treatment. The government will also: Change the procedure for future amendments to the definition of a ‘qualifying investment project’, so that changes can be made using the negative statutory instrument procedure, rather than the draft affirmative procedure, and Ensure penalties for failure to provide information will apply only where the failure relates to a clearance that has actually been issued. The other existing penalty provisions remain unchanged. The £300 million threshold and penalty changes will take effect from 4 November 2026, while the change to the statutory power will take effect from 1 April 2027. Key Takeaway The reduction in the threshold from £1 billion to £300 million is the most commercially significant change. It substantially widens access to advance tax certainty for large UK investment projects, potentially making the service relevant to a much broader range of infrastructure, real estate and other capital-intensive developments. The government has also indicated that the service will remain under review, suggesting there may be scope for further expansion in future. Corporation Tax - OMB And Venture Capital Schemes The Budget included proposals to reform the taxation of company distributions and repayments of capital, alongside technical changes intended to make venture capital tax relief schemes easier to use. Modernising The Distributions Framework Following consultation earlier this year, the government intends to proceed with a number of changes to reform the taxation of company distributions and repayments of capital. The key headline is that the government intends to proceed with all seven proposals as a package, with a technical consultation and draft legislation in 2027, and implementation intended from April 2028. The government’s intention for these reforms is to reduce inconsistency between economically similar transactions and to counter avoidance where income is otherwise extracted as capital. The most significant points include: Capital reductions: the amount capable of being treated as a repayment of capital following a share reorganisation will broadly be limited to the capital originally subscribed by shareholders. The change will be prospective, and companies will not be required to reconstruct historical share capital/share premium. Listed companies are intended to be excluded. Capital reduction demergers: the proposals could significantly constrain the existing capital reduction demerger route. In response, the government intends to make the statutory demerger regime substantially more flexible (see below), but it appears that this may not go far enough, and older Section 110 liquidation demergers may need to be used in many cases. Statutory demergers: the government says the relief will apply in a much broader range of circumstances, including potentially permitting qualifying demergers ahead of an onward third-party sale after 5 years. The Section 455 anti-avoidance rule, which gives rise to a dividend tax charge on a loan to a shareholder of a close company, will be extended to offshore companies. In this case the recipient of the loan will need to pay the tax. Non-UK companies: the government intends to align the income tax treatment of distributions from non-UK resident companies more closely with UK company distributions, despite significant concerns from the funds/private-capital sector. This is likely to mean that certain offshore distributions will cease to be taxed as capital gains but instead will be subject to income tax. Changes will be made to the rule which allows company share buy backs to be taxed as capital gains – specifically the subjective ‘benefit of the trade’ test will be replaced with objective tests. These may involve a minimum shareholding requirement, a requirement to have been an employee, and a requirement to fully exit within two years. Key Takeaway These changes could impact on a wide range of corporate and shareholder transactions, including group restructuring, demergers, purchases of own shares and structures involving overseas holding companies. Changes To Venture Capital Schemes The government has announced it will make a number of technical changes to make the Venture Capital Trust (VCT), Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) easier to use. These include allowing EIS relief to remain available where an investment only partly exceeds the annual or lifetime investment limits, permitting SEIS and EIS or VCT investments on the same day and ensuring one investor’s late payment does not prejudice relief for other investors. There will also be a discretionary power for HMRC to treat shares as fully paid up where the payment is received after the share issue due to exceptional and unavoidable circumstances. The government will also engage with investors and companies on improvements to the Advance Assurance service. Key Takeaway The venture capital scheme reliefs can provide significant benefits, but the legislation and guidance can be complex and difficult to navigate. The proposed technical changes should give investors greater certainty that tax relief will not be disproportionately lost because of minor technical or administrative issues, and make it easier for investors to access the available reliefs. All shares issued on a given day are treated as the same ‘share issue’, and there are cases where a partial failure of that issue taints every other share issued that same day. These changes reduce the need for, for example, planning SEIS and EIS fund raises on consecutive days. Stamp Taxes The announcements below cover changes to Stamp Duty Land Tax Group Relief and the planned introduction of a new Securities Transfer Tax. Stamp Duty Land Tax (SDLT) Group Relief: Winding Up The Vendor Where a UK land asset is transferred between group companies, SDLT Group Relief can apply to prevent an SDLT charge. This relief is clawed back if the transferee company leaves the group within three years while retaining the asset. HMRC was recently defeated in the case of HC-One, which found that where the transferee company leaves the group following the winding up of a parent, it is the winding up, rather than the subsequent sale of the transferee, that severs the group relationship. As a result, no clawback arises. From 29 October 2026, the rules will be amended so that winding up a parent company will not prevent Group Relief clawback if the purchaser subsequently leaves the group within the normal three-year period. Key Takeaway This significant change immediately affects corporate reorganisations. For transactions from 29 October 2026, the liquidation or dissolution of the transferor, or a company above it, will not necessarily end the exposure to Group Relief clawback. If the purchaser subsequently leaves the group within three years, the relief may still be clawed back. Stamp Duty On Shares The UK currently has two overlapping taxes on transfers of securities: Stamp Duty, which principally applies to paper instruments, and Stamp Duty Reserve Tax (SDRT), which principally applies to electronic transactions settled through the CREST system (a computerised register of shares and shareholders). This dual system is being replaced by a new Securities Transfer Tax (STT) in late 2027. STT will be self-assessed and administered digitally, with the aim of simplifying the administration and payment of tax and removing the need for non-electronic instruments and paper-based reporting and payment processes. Draft legislation was published on 13 July 2026. In addition to changing how the tax is assessed and collected, the new regime will change how the liability is calculated in certain circumstances. This includes transactions where consideration is contingent or unascertainable – for the first time it should be possible to defer payment of the stamp duty until the future date of payment. Key Takeaway The introduction of STT represents a wholesale modernisation of the stamp taxes on shares framework. Businesses undertaking transactions will need to consider the new digital reporting, payment and evidencing requirements ahead of the introduction of the new regime. Real Estate Foreign Sovereign Investment In UK Real Estate The government has launched a consultation on a statutory sovereign tax status regime, intended to take effect from 1 January 2029, with legislation to follow in a future Finance Bill. The proposals are particularly relevant to sovereign investors holding UK real estate directly and may also affect the structuring of investments with joint venture partners. The proposed regime would replace the existing, non-statutory sovereign immunity exemption from UK direct taxes. Its principal effect would be to bring income and gains from directly held UK real estate into charge. Returns arising within UK companies are already subject to corporation tax, so the impact will depend on the existing investment structure. The consultation proposes exemptions for investment management activities undertaken by sovereign investment offices and for gains arising to state-operated overseas pension funds. Foreign sovereigns would retain qualifying institutional investor status for the real estate investment trust (REIT), qualifying asset holding company, Long-Term Asset Fund and most collective investment vehicle regimes. Bespoke rules would also allow a foreign sovereign to hold a controlling interest in a REIT through a UK company, with property income distributions taxed at 15%. The proposed transitional measures include market value rebasing for certain assets on 1 January 2029 and time-limited Stamp Duty Land Tax relief for restructuring certain existing property holdings before commencement. The scope and conditions of these measures will be important when assessing the impact on existing investments. Draft legislation will be published for technical consultation. Annual Tax On Enveloped Dwellings Annual tax on enveloped dwellings (ATED) charges will increase by 3.5% from 1 April 2027, in line with the September 2026 Consumer Prices Index. Zero Rate Of VAT On Land Sold To Social Housing Providers Following a consultation earlier in 2026, the government has announced that a new VAT zero rate will apply to qualifying sales of land to registered providers of social housing from 1 April 2027. Secondary legislation is expected in early 2027 and we await the detail of that with much anticipation. While the measure is intended to simplify land transactions and remove VAT-related barriers to social housing delivery, the effectiveness will depend in part on the final definition of a registered provider of social housing. Key Takeaway This is a welcome VAT relief that should reduce reliance on golden brick arrangements, allowing qualifying land transfers to take place earlier and be better aligned with commercial objectives and funding requirements, rather than being driven by a VAT-led structure which often created inefficiencies and delays in the delivery of social housing. Land Remediation Relief Following the consultation into Land Remediation Relief (LRR) and its potential reforms, the government has decided to not proceed with any changes at this time. While the relief itself will remain unchanged, HMRC will review its guidance so that it better meets the needs of businesses and advisers and will work with stakeholders to identify ways in which it can be improved. Research & Development - R&D The government has announced plans to simplify some of the administrative requirements associated with claiming R&D tax relief. For claims made on or after 1 April 2027, the requirement for an R&D claim notification form will be removed, meaning companies will no longer need to separately notify HMRC in advance of their intention to make an R&D claim. The change is expected to reduce the administrative burden on businesses, particularly those making their first R&D claim or returning to the regime after a period without claiming. The government has also confirmed plans to simplify the Additional Information Form (AIF) from Autumn 2027. While further detail on the revised requirements is expected, the change is intended to streamline the information businesses must provide when submitting an R&D claim. The removal of the claim notification form will be legislated through Finance Bill 2026-27, while the changes to the AIF will be introduced through secondary legislation. Key Takeaway R&D tax relief continues to be a very beneficial relief with benefit of between 15% and 27% of qualifying expenditure received either through a corporation tax deduction or repayable credit. These changes represent a welcome step towards simplifying the R&D tax relief regime. However, businesses will still need to ensure that their claims are technically robust, appropriately evidenced and supported by a clear assessment of the qualifying R&D activities and associated expenditure. Creative Sector From 1 January 2027, taxable earnings for Corporate Interest Restriction (CIR) purposes will exclude audio-visual expenditure credits (AVEC) and video games expenditure credits (VGEC). This brings the treatment of these expenditure credits into line with other tax reliefs, including R&D credits. The change will affect companies receiving expenditure credits that are within the CIR regime, including larger studios and groups that are heavily geared. Key Takeaway Groups claiming AVEC or VGEC may be subject to greater restrictions on interest deductions once the change takes effect, so companies claiming these credits should consider the potential impact on their CIR position. VAT & Indirect Taxes The Budget included a range of VAT and indirect tax measures affecting property, online marketplaces, cross-border services, transport and energy, as well as electronic invoicing (see the tax technology and transformation section). Online Marketplaces From October 2027, the VAT online marketplace liability rules, which aim to tackle VAT non-compliance in the e-commerce sector, will be extended to cover sales by UK businesses. Online marketplaces will become responsible for collecting VAT on sales made through their platforms by: UK VAT-registered businesses, and Other UK businesses with annual sales through that platform of at least £90,000. The rules will not apply to personal sales, second-hand goods or business-to-business transactions. HMRC will publish detailed guidance ahead of implementation in October 2027, including information on any accounting changes businesses may need to make. The measure follows the consultation launched in June 2026. Key Takeaway This is a significant shift in VAT accounting responsibility towards online marketplaces, aimed at tackling non-compliance by UK online sellers and creating a more level playing field for high street retailers. Platforms and affected businesses will need to review their systems and accounting processes ahead of October 2027 to ensure VAT is collected and reported correctly. Services Supplied By Overseas Businesses From April 2027, the VAT reverse charge for services supplied by overseas businesses will apply only where the UK business customer receiving the service is VAT registered. Where the UK business customer is not VAT registered, responsibility for accounting for UK VAT on affected taxable services will instead fall on the overseas supplier. This is expected to require more overseas businesses to register for UK VAT. Further detail is awaited on how the changes will operate. Key Takeaway This is a significant shift in VAT accounting responsibility towards overseas suppliers and will bring additional registration and compliance obligations. Affected businesses will need to review their customers’ VAT status, pricing and invoicing ahead of April 2027, while UK customers unable to recover VAT could face higher costs. Relying on non-resident service suppliers registering for VAT is perhaps a surprising move by government. The effectiveness of the measure will depend in part on compliance by overseas suppliers and HMRC’s ability to enforce the new rules. Private Hire Vehicle Operators From 2 January 2028, passenger transport services arranged by operators acting as agents for drivers will be treated as being supplied by the private hire vehicle operator rather than the driver. Operators within scope will therefore account for VAT on the full fare. The measure will be limited to operators whose annual fare turnover exceeds a specified threshold. The government will consult on the final threshold and implementation, with £50 million of annual fare turnover identified as the lead option. Separately, following the removal of private hire vehicle and taxi services from the scope of the Tour Operators’ Margin Scheme (TOMS) in January 2026, the government has launched a call for evidence on the VAT treatment of travel services. This considers whether TOMS should be retained, reformed, simplified, made optional, partly withdrawn or removed. It also covers travel services enjoyed in the UK but supplied by tour operators established outside the UK. The call for evidence is a review rather than an announcement of further changes to TOMS. Key Takeaway This is a further move towards VAT being accounted for on the full fare by larger private hire operators, regardless of agency arrangements. Affected operators should consider the implications for pricing, margins and accounting systems ahead of January 2028 and monitor the consultation on the turnover threshold. The separate TOMS review signals potential wider changes for the travel sector, rather than immediate reform. Energy-Related Matters The temporary zero rate for domestic and other qualifying electricity supplies will be extended until 30 June 2027. Supplies that would otherwise return to the reduced rate of 5% from 1 April 2027 will therefore remain zero-rated for a further three months. Heat batteries installed in residential accommodation or charity buildings will be brought within the VAT relief for energy-saving materials from 1 April 2027. The general temporary zero rate for the supply and installation of qualifying energy-saving materials will end as previously scheduled, with the rate reverting to 5% from that date. From 1 November 2026, electricity supplied through publicly accessible electric vehicle (EV) charging points will be standard-rated for VAT and will not be treated as domestic use for climate change levy purposes. This change is HMRC’s response to the First-Tier Tribunal’s decision in Charge My Street Limited v HMRC (UKFTT 318 TC), which held that qualifying small supplies of electricity through public EV charging points could benefit from the 5% reduced VAT rate. Key Takeaway This is a mixed package of measures, providing a short extension of relief for domestic electricity and bringing heat batteries within the energy-saving materials relief, but confirming the return to 5% VAT for qualifying installations. Suppliers, installers and public EV charging operators should consider the impact of the changes on pricing and billing. Tax, Technology & Transformation The Budget includes a range of measures reflecting the continued digitalisation of tax administration, from mandatory e-invoicing and changes to corporation tax administration to greater use of technology and AI across government. Mandatory VAT E-Invoicing: Roadmap To April 2029 VAT invoices will be required to be issued in a specified electronic format from 1 April 2029. The government has now published an implementation roadmap, setting out the key milestones and when further details will be available, and intends to provide full policy and technical design details by April 2028. The government has also launched a consultation on whether the structured data created through e-invoicing could be used for digital reporting to support tax administration. No decisions have yet been taken on whether such reporting will be introduced. Key Takeaway While the technical detail is still to be confirmed, the roadmap gives organisations more information to begin planning for implementation. Businesses should consider e-invoicing as part of their wider ERP, finance, tax data and digital transformation plans, rather than solely as a tax compliance change. The consultation on the future use of e-invoicing data also signals that HMRC is considering how structured invoice data could be used beyond the core e-invoicing requirement, such as pre-populated returns and finance submissions. Businesses should monitor these developments, particularly where future uses could affect tax reporting processes, data requirements and controls. Corporation Tax Administration: Further Digitalisation On The Horizon The Government will launch a targeted programme to simplify specific areas of corporation tax and has published a call for evidence on modernising corporation tax administration. This includes considering how software, AI and automation technology could simplify administration and reduce burdens for businesses. Key Takeaway The direction of travel for digital submission now extends beyond VAT. Businesses should expect that technology and digital interaction with HMRC will play a growing role across tax regimes, making the quality and accessibility of underlying tax data increasingly important. Greater Stewardship Expectations For Tax Software And Intermediaries HMRC will publish a roadmap in Spring 2027, setting out its long-term approach to tax advisers, software providers and others supporting taxpayer interactions with the tax and customs system. This will include measures intended to strengthen standards for tax software providers. Key Takeaway Greater focus on standards for tax software providers should give businesses further information to consider when selecting and governing tax technology. The detail of those standards will be important for organisations making longer-term decisions about tax technology platforms and providers. Further AI And Automation Investment In HMRC Services The Budget provides £35 million to establish GovAI and a further £50 million Civil Service AI transformation fund across 2027-28 and 2028-29. The funding is intended to support greater use of AI, automation and simpler processes across the Civil Service. Key Takeaway AI and automation are moving from experimentation towards a more established component of government service delivery. For tax functions, Ask HMRC provides an early example of this shift within tax administration. Businesses should monitor how HMRC’s adoption of AI and automation changes taxpayer interactions and administrative processes.

The Budget includes several significant changes for employers, including a substantial expansion of tax-advantaged employee share options, simplification of EMI reporting, changes to the taxation of image rights and increased approved mileage rates. Alongside changes to company-car taxation, electric vehicle costs and the introduction of mandatory payrolling of benefits in kind, employers should consider both the opportunities created by the new measures and the changes required to existing payroll, reward and benefit arrangements. You can read the detail behind each of the key announcements below. Enterprise Management Incentives The UK has two tax advantaged share option schemes – the very popular Enterprise Management Incentive (EMI) scheme and much less popular Company Share Option Plan (CSOP). Where available EMI options are generally the preferred choice, as CSOP schemes are subject to more restrictive rules particularly around qualifying shares and scheme documentation. Although these restrictions have been relaxed over time, EMI remains much more widely used than CSOP. One of the potential drawbacks to CSOP is the relatively low limit on the value of shares that can be awarded. As announced in the 2026 Budget, from 28 October 2026 CSOP arrangements will be rebranded as EMI2. From 6 April 2027, the individual EMI2 option limit will double from £60,000 to £120,000 and the maximum period for exercising options while retaining the tax advantages will increase from 10 years to 15 years. A particularly important change is the removal of the existing interaction between EMI and EMI2 from 6 April 2027. This will allow the two schemes to operate independently, meaning companies will be able to use EMI and EMI2 alongside one another. HMRC’s guidance expressly confirms that EMI2 may be used alongside EMI, after a company has grown beyond the EMI eligibility limits or where the activities undertaken by the business mean it does not qualify for EMI. Key Takeaway EMI schemes will likely still be the preferred scheme as it will retain access to Business Asset Disposal Relief, which is rarely available under CSOP (newly EMI2). Nevertheless the EMI legislation does contain eligibility criteria not present in EMI2 and so in certain circumstances EMI2 may prove the most tax efficient method of rewarding staff with equity. These changes significantly increase the relevance of EMI2 as both an alternative and a complement to EMI. Companies that have previously dismissed tax-advantaged options because they were too large for EMI, undertook an excluded activity or the staff member in question did not qualify, should revisit their share-plan arrangements. EMI Grant Notifications For EMI options granted on or after 6 April 2027, companies will no longer be required to make a separate notification to HMRC following the grant. Instead, the grant information will be reported through the general EMI scheme end-of-year return. This removes an important compliance risk for employers. Under the current rules applying to options granted on or after 6 April 2024, an EMI grant must be notified to HMRC by 6 July following the end of the tax year in which the option is granted. Failure to meet the notification requirement could put the availability of the EMI tax advantages at risk. It is not yet clear whether a late EMI notification which would normally invalidate the tax advantages of the option will be extended to the general EMI return. If so, then a late EMI return will have serious consequences for the individual concerned. Key Takeaway This is a welcome simplification for employers. Missing what may appear to be an administrative filing deadline could have significant consequences for the company and affected option holders. Including grant information in the annual return should reduce the risk of employers inadvertently missing a separate notification requirement. Companies will still need to maintain complete and accurate records of grants, valuations and supporting documentation so that the required information can be included in the annual return. Image Rights As announced at Budget 2025, payments for image rights connected with an employment will be treated as employment income. The Chancellor has now confirmed that the measure will take effect from 6 April 2028, one year later than previously announced. The change is particularly relevant to sectors such as professional sport and entertainment, where separate arrangements may be entered into for the commercial use of an individual’s name, likeness, appearances and other associated rights. Key Takeaway Where the new rules apply, the payment will be taxed as employment income. The measure could therefore materially increase the income tax and National Insurance cost of image rights arrangements connected with an individual’s employment. Businesses using such arrangements should identify the relevant contracts and payment flows and assess which payments could fall within the new rules. This will be particularly important where payments are currently made separately from remuneration, including where payments are made under an image rights agreement or to another entity. Mandatory Payrolling Of Benefits In Kind The Chancellor confirmed that legislation will be brought in to provide a phased introduction to the mandatory payrolling of benefits in kind. Company cars, vans, fuel and medical benefits will be brought within mandatory payrolling from 6 April 2027. Most remaining benefits in kind and taxable expenses will follow from 6 April 2028. Beneficial loans and living accommodation will remain outside mandatory payrolling and will continue to be reported separately. Key Takeaway Employers should use the additional time before the phased introduction to review their benefits data and test the flow of information between HR, benefits providers, fleet teams and payroll. Cars, fuel and medical benefits can involve changes during the tax year, so employers will need reliable processes for capturing information, processing adjustments and reporting the correct taxable value through payroll. Company Car Tax Rates The government will introduce legislation to set company car tax rates for the tax year 2030-31. Appropriate percentage for zero-emission company cars will increase by 1% in this tax year. The percentages applying to all other company-car bands will also increase by 1%, subject to the maximum appropriate percentage of 40%. Key Takeaway Although the change does not take effect until April 2030, the confirmed rates give employers greater certainty when modelling longer-term fleet and electric-vehicle arrangements. Employers operating company car or salary sacrifice arrangements should incorporate the future rates when assessing employee income tax and Employer Class 1A National Insurance costs. Electric Vehicle Excise Duty (eVED) A further consideration for employers operating electric car arrangements is Electric Vehicle Excise Duty, or eVED. From 1 April 2028, the mileage-based charge will apply to battery-electric, plug-in hybrid and hydrogen fuel-cell cars. The initial charge will be: 3p per mile for battery-electric and hydrogen fuel-cell cars, and 1.5p per mile for plug-in hybrid cars. The rates will subsequently be uprated in line with CPI. Key Takeaway Employers operating company car and EV salary-sacrifice schemes should review their scheme rules to establish who will bear the eVED cost from April 2028. The mileage-based charge will represent an additional running cost for electric and plug-in hybrid vehicles. Employers should reflect this in future scheme-cost projections and ensure that the position is explained clearly to participating employees. Approved Mileage Allowance Payments The Chancellor announced an increase to the tax-free and tax-deductible mileage rates applying where employees use their own cars and vans for qualifying business journeys. The rate for business mileage above 10,000 miles will increase from 25p to 35p per mile from 6 April 2027. The approved rate for the first 10,000 business miles increased from 45p to 55p per mile from 6 April 2026. Key Takeaway Employers should review their mileage reimbursement policies and decide whether to adopt the increased approved rates. Employers are not required to reimburse employees at the statutory approved rate. Where an employer reimburses at a lower rate, employees may be entitled to claim tax relief on the qualifying shortfall. Expense systems and employee communications should be updated to reflect the applicable rates and implementation dates.

Here, we look at the key tax changes for private clients announced in the 2026 Budget. Savers and property owners were among those affected by the headline announcements. From 6 April 2027, the new rates of income tax applying to savings and property income will be increased further, with basic, higher and additional rates of 24%, 44% and 49% respectively. These rates will be 4% above the ordinary rates of income tax, rather than the 2% increase announced in Budget 2025. Business owners and investors also face significant changes to capital gains tax (CGT) reliefs. From 6 April 2027, the lifetime limit for Business Asset Disposal Relief (BADR) will fall from £1 million to £500,000, while a new Founders’ Relief will provide a lower rate of CGT for qualifying founders and early investors on up to £10 million of gains. There was considerable speculation ahead of the Budget that the Chancellor could go further on CGT, including by increasing the main rates or bringing them closer to income tax rates. These wider increases did not materialise, but the Budget instead included more targeted changes to CGT alongside measures affecting pensions, ISAs, cryptoassets and internationally mobile individuals and trustees. You can read the detail behind each of the key announcements below. Personal Tax Changes The Budget’s personal tax announcements include higher rates for property and savings income, changes to tax-free savings, and further amendments to the taxation of pension benefits. Income Tax Changes For Landlords The Chancellor has announced a further increase to the new rates of income tax applying to property income from 6 April 2027. The property basic, higher and additional rates will now be 24%, 44% and 49% respectively, 4% above the corresponding ordinary rates of income tax. Separate rates of income tax for rental profits and income distributions from REITs were first announced in last year’s Budget, when they were expected to be set 2% above the ordinary income tax rates. The thresholds at which these rates will apply will be the same as those which apply to income tax generally, and property income will continue to be taxed after other non-savings income, but in priority to savings income. There will be no changes to the availability or amount of the property allowance, the relief under the rent-a-room scheme, or the relief for mortgage interest costs, however the latter will be relieved at the higher property basic rate of tax of 24% (compared to 20% currently). Income Tax Changes For Savers This year’s Budget also announced a further increase in the new rates of income tax that will apply to savings income, such as interest, from 6 April 2027. The UK-wide savings basic, higher and additional rates will now be set at 24%, 44% and 49% respectively, 4% above the ordinary rates of income tax. This goes further than the 2% increase announced at last year’s Budget. There will be no change to the availability or amount of the starting rate for savings or the Personal Savings Allowance. The planned reduction to the annual limit on the amount that individuals can contribute into a cash ISA (currently £20,000 per year), which was also scheduled to take effect from 6 April 2027, has been scrapped and will not be introduced. This may enable savers to mitigate some of the impact of the increase in income tax rates on savings income, by continuing to save tax-free within their ISAs. The government will also be making wider reforms to ISAs, in an effort to primarily support first time buyers. The Lifetime ISA will be replaced with a new First Time Buyer ISA which will provide a 25% bonus (up to £20,000) on withdrawal towards the purchase of a first home worth up to £450,000. Those with existing Lifetime ISAs may continue to contribute and use their accounts under the current rules. There will also be a reduction in the withdrawal charge from Lifetime ISAs from 25% to 20% where the funds are withdrawn to purchase a property with a value exceeding the property cap of £450,000. The First Time Buyer ISA will launch in April 2029, and the relaxation to the Lifetime ISA withdrawal charge is effective for withdrawals made from 28 October 2026. Income Tax Allowances In order to provide further relief for small self-employed businesses, the trading allowance will increase from £1,000 to £3,000 from 6 April 2027, which relieves gross trading and miscellaneous income (ie before deducting expenses) from a charge to income tax. The self-assessment reporting threshold for trading income will also rise to £3,000 from the same date, simplifying reporting requirements for those with small amounts of trading income. There will also be a welcome measure of relief for pensioners. Having announced in last year’s Budget that, from 6 April 2027, pensioners will not be required to pay income tax on income up to the value of the full new State Pension, this year’s announcements confirm that this will be achieved through the introduction of the Pension Tax Allowance where this income exceeds their tax-free personal allowance of £12,570 and is their only source of income. From 6 April 2027, pensioners will receive a Pension Tax Allowance equal to 20% of the difference between the full new State Pension and the tax-free personal allowance. This will mean that pension income exceeding the tax-free personal allowance will not give rise to an income tax liability. If an individual’s total income exceeds the value of the full new State Pension, their Pension Tax Allowance will be tapered by £1 for every £3 of income above this level, which could lead to the allowance being withdrawn entirely. Key Takeaways Although some of these measures have been announced previously, the further increases to the rates of income tax on property and savings income from 6 April 2027 may cause some individuals to reconsider how they hold their investments. For those with significant income from these sources, the growing difference between the tax treatment of income received personally and through alternative structures, such as companies, could make a review of existing arrangements worthwhile. Tax Changes To Pension Lump Sum Benefits The government will be making changes to the assessment and collection process for lump sum death benefits where a pension scheme member dies before the age of 75 and their available allowance is exceeded. Instead of treating the excess as pension income of individual beneficiaries, HMRC will raise a tax charge against each beneficiary on their share of the excess, calculated using their marginal income tax rate. This new process will apply retrospectively to relevant lump sum payments made on or after 6 April 2024, with transitional provisions applying the same approach to relevant payments made in the 2023–24 tax year. There will also be some further amendments made to both the interaction of income tax and inheritance tax where lump sum benefits are charged to both taxes, which will apply to deaths occurring on or after 6 April 2027, as well as to the calculation of certain adjustments to the application of the lifetime allowance, which will have effect from 6 April 2024. In addition, the two-year rule for pension and lump sum death benefits will be removed for payments made on or after 28 October 2026. This will ensure that tax-free payments will not be charged to income tax, solely by reason of the fact that they are paid out more than two years after the date that the pension scheme administrator becomes aware of the member’s death. Finally, and as originally announced in last year’s Budget, members of defined benefit pension occupational plans will be charged to income tax on direct payments of surplus pension assets, where specified conditions are met. This will apply from 6 April 2027, and protective measures will be included within these rules to prevent avoidance. Key Takeaway The changes should provide greater certainty for beneficiaries receiving pension death benefits, particularly by removing the risk of otherwise tax-free benefits becoming taxable simply because payment is delayed. However, the retrospective changes to excess lump sum benefits mean that some historic payments may also be affected and should be reviewed. Personal Tax - Administration The Budget included several measures relating to how and when tax is collected, and HMRC’s approach to tax compliance. More Timely Payments For Self Assessment From April 2029, Income Tax Self Assessment taxpayers who make payments on account will be required to make more regular payments during the year towards their final tax bill. The government has not yet decided how frequently payments will be made and will work with taxpayers, agents and other stakeholders on the detailed design. Payments will be automated, for example by direct debit. Individuals with sufficient PAYE income from employment or a private pension will also be able to choose to make their payments through PAYE. Payments will continue to be based on the previous year’s tax liability, although taxpayers will be able to update this online if their circumstances change. This measure will change when tax is paid, rather than the amount of tax ultimately due. The changes will affect individuals who are required to make payments on account. Broadly, payments on account are not required where the previous year’s tax liability was less than £1,000 or where more than 80% of the tax due was collected outside self-assessment, for example through PAYE. Key Takeaway The new system should mean smaller and more regular payments, potentially making tax bills easier to budget for. However, 2029-30 could create a particular cashflow challenge, as affected taxpayers will need to make their final payment under the existing system while also starting payments under the new arrangements. Those with fluctuating or seasonal income may also need to monitor whether payments based on the previous year’s liability remain appropriate and update them where circumstances change. Further details, including how frequently payments will be made, are expected in 2027, giving taxpayers time to understand and prepare for the transition. Making Tax Digital for Income Tax The government has announced two further changes to MTD for Income Tax. For taxpayers required to join MTD from April 2027, HMRC will not apply late submission penalty points to quarterly updates during the 2027-28 tax year. Quarterly updates will still need to be submitted before the taxpayer can submit their end of year return. The government is also extending the groups that will be exempt from MTD for Income Tax until further notice. These will include non-UK resident foreign entertainers and sportspeople and expected non-resident taxpayers. Those eligible for qualifying care relief, who are already exempt for 2026-27, will also remain exempt until further notice. Separately, the government has previously confirmed that some taxpayers for whom HMRC cannot provide a digital service will not be required to use MTD, including a small number of insolvent taxpayers who are currently unable to sign up. Those who entered MTD from April 2026 do not benefit from this additional easement and will continue to be subject to the new penalty regime for any returns submitted late, after April 2027. Key Takeaway The penalty easement gives those entering MTD in April 2027 some breathing space while they get used to quarterly reporting, but it does not remove the requirement to submit the updates. The new exemptions will also take some individuals outside the regime altogether, so anyone who may fall within one of these groups should check their position before preparing for MTD. Modernising The Correction Of Errors In Tax Returns From 1 April 2028, taxpayers will have a statutory obligation to correct inaccuracies in tax returns and other documents once they identify them. Importantly, where a taxpayer becomes aware of an inaccuracy but does not take reasonable steps to correct it or notify HMRC, the error will be treated as deliberate for penalty and assessment time-limit purposes. HMRC will also have a new power to issue a customer correction notice where it has reason to suspect an inaccuracy. A taxpayer receiving a notice will need to check their tax affairs and either correct the error or explain why no correction is required. KeyTakeaway This places greater emphasis on taxpayers taking action when they become aware that information they have provided to HMRC may be wrong. Taxpayers should therefore act promptly where an error is identified and keep evidence of the steps taken to review and correct their position. Tackling Promoters Of Tax Avoidance The government is taking further action against the promotion and use of tax avoidance schemes. It will shortly consult on measures including: New powers targeting serious and serial users of avoidance schemes, Earlier recovery of liabilities from promoters and certain individuals, and Further strengthening of the Promoters of Tax Avoidance Schemes regime. Separately, Finance Bill 2026-27 will make further changes to the existing rules aimed at promoters of tax avoidance. Key Takeaway The announcements reinforce the government’s focus not only on those who promote avoidance arrangements, but also on individuals who repeatedly use them. Anyone considering arrangements presented as delivering significant or unusual tax advantages should take appropriate independent advice and understand both the tax position and the potential consequences of challenge by HMRC. Reform of HMRC Information and Inspection Powers The government is modernising HMRC’s information and inspection powers to reflect an increasingly digital tax system. Changes include: Updating the rules for information notices relating to deceased taxpayers, Extending Financial Institution Notices (FIN) to crypto asset service providers, Removing the statutory FIN reporting requirement, and Streamlining the process for identifying taxpayers. The legislation will also update the definition of computer records to ensure HMRC’s information powers can operate effectively where records are held digitally. The changes will take effect from Royal Assent to Finance Bill 2026-27. Key Takeaway These changes strengthen and modernise HMRC’s ability to obtain information when checking an individual’s tax affairs. Taxpayers, personal representatives and their advisers should be aware that HMRC’s information-gathering powers are continuing to evolve alongside financial records and assets which are now generally stored entirely in digital form. Collecting The Right Tax From Wealthy Individuals HMRC has set out a new multi-year approach to the taxation of wealthy individuals, who it defines as those with income over £200,000 or assets over £2 million in any of the previous three years. Around 1.3 million individuals now fall within this population, which HMRC says contributed £160 billion in tax in 2025-26. Modernising HMRC’s approach to wealthy compliance also estimates the wealthy tax gap at £3.6 billion for 2024-25. A central theme is greater use of data and technology. HMRC intends to connect information about individuals, companies, partnerships, trusts, overseas ownership and other third-party sources to build a more complete picture of a taxpayer’s affairs. It will use enhanced analytics, automated risk triggers and artificial intelligence to identify potential discrepancies and compliance risks earlier. HMRC also intends increasingly to pre-populate digital services and use targeted prompts to encourage taxpayers to correct errors. HMRC’s approach will become more tailored to the perceived circumstances and risk of individual taxpayers. Lower-risk individuals should see less unnecessary contact, while more complex or higher-risk cases could receive greater oversight, including specialist or cross-tax intervention. HMRC has already identified more than 200 billionaires with a UK tax footprint and allocated a Customer Compliance Manager to each of them. Key Takeaway For wealthy individuals, the key consideration is that HMRC will increasingly be able to compare information reported on tax returns against a much broader range of UK and international data. Individuals with complex affairs, particularly involving trusts, companies, overseas assets or multiple sources of income, should therefore ensure that their reporting is complete and consistent across the different parts of their affairs. Capital Gains Tax & Owner Managed Business The Budget included a range of capital gains tax (CGT) measures affecting business owners and investors, crypto assets and the wider operation of the CGT rules. Entrepreneurial CGT Changes A number of changes were announced to the CGT reliefs available to business owners, founders and investors, which will apply from 6 April 2027: A new Founders’ Relief is proposed, providing a lower rate of CGT on qualifying disposals of shares made on or after 6 April 2027. The detailed design remains subject to a technical consultation, which closes on 30 November 2026. Under the proposals, qualifying gains of up to £10 million could be taxed at 10%, although the eligibility conditions are very restrictive. The conditions currently proposed include requirements that: Broadly, the individual would need to have held at least 25% of the company when the company began trading, or preparing to trade, held their shares for at least five years and been continuously UK resident for the previous five tax years. The trade in question must be one which would qualify for EIS relief – so property development, leasing or energy generation may not qualify. The company would also need to meet various UK trading, minimum turnover and employment conditions and meet at least two of three growth or innovation tests relating to turnover growth, employee growth and qualifying R&D expenditure. The reduction in the Business Asset Disposal Relief (BADR) lifetime limit from £1 million to £500,000 will increase the tax cost of qualifying disposals made on or after 6 April 2027 by up to £30,000 per vendor. Transitional and anti-forestalling provisions will need to be considered where contracts, share reorganisations or exchanges straddle that date. Key Takeaway The measures present a mixed picture for business owners. Founders’ Relief could provide a significant new incentive for qualifying founders, although the conditions are restrictive and remain subject to consultation. Conversely, the reduction in the BADR lifetime limit from £1 million to £500,000 will increase the tax cost of business disposals from 6 April 2027. Crypto Asset Changes The Budget also announced a number of changes to the taxation of crypto assets from April 2027: Eligible stablecoins will be treated more like money for tax purposes, ie they will not give rise to taxable chargeable gains or losses for individuals or trustees, but lending profits will be treated like interest. The changes will apply across the tax rules for individuals, trustees and companies. New rules will apply to crypto asset loans and liquidity pools. From 6 April 2027, certain transfers of crypto assets by individuals and trustees into and out of qualifying lending and liquidity pool arrangements (decentralised finance or DeFi) will be treated as taking place on a no gain, no loss basis, with the tax instead arising when there is an economic disposal. Key Takeaway The crypto asset measures are intended to align the tax treatment more closely with the economic use of the assets. In particular, the proposed no gain, no loss treatment for qualifying lending and liquidity pool arrangements should prevent tax charges arising solely because crypto assets are transferred into or out of an arrangement, while the stablecoin changes recognise that certain stablecoins increasingly perform a money-like function. The practical effect will depend on the detailed legislation and, in particular, the definition of eligible stablecoins and qualifying arrangements. Other CGT Changes A number of more technical CGT changes take effect from 28 October 2026: The late filing penalty rules for UK property disposal returns will be amended. Where an individual fails to file the required return for a residential property disposal within the statutory deadline but later reports the disposal on their self-assessment tax return, late filing penalties relating to the property disposal return will stop accruing. The change is a helpful but does not remove the requirement to file the property disposal return. A further technical CGT change will take effect from 6 April 2027: The formula that restricts the amount of CGT gift hold-over relief available on gifts of qualifying shares and securities will be amended to take account of assets within the intangible fixed assets regime and shareholdings qualifying for the Substantial Shareholding Exemption. This change should remove an existing technical distortion and could be helpful in succession planning involving groups with significant intangible assets or qualifying shareholdings. International Private Client The Budget’s international private client announcements combine targeted reliefs and further consultations, which we explore below. Reverse Hybrid Entities: A Proposed Solution To Double Taxation The government has published its response to the consultation on UK-resident individual members of US LLCs and other reverse hybrids. A reverse hybrid is a foreign entity (such as a US LLC or French SCI) treated as opaque for tax purposes by the UK but transparent in the foreign jurisdiction. This mismatch can lead to investors facing overseas tax on underlying profits together with a separate UK charge when those profits are distributed, resulting in high effective tax rates. As a result of the consultation, the government has confirmed plans for an elective domestic foreign tax credit mechanism for UK resident individuals investing through such entities. Claims are intended to be possible from early 2028, following further technical consultation and legislation. The mechanism through which the relief will be provided remains subject to consultation. The government is also considering how historical and disputed cases will be treated, although further information has yet to be published. Key Takeaway This is a pragmatic response to a longstanding double-taxation problem. Its success will depend on whether investors can obtain effective relief without disproportionate complexity. Relief For Trusts Temporarily Becoming UK Resident A capital gains tax (CGT) exit-charge relief has been announced with effect from 28 October 2026. A CGT exit charge generally arises when a trust becomes non-UK resident. The new measure has confirmed that an exit charge will not apply where a trust becomes temporarily UK resident as a result of a trustee moving to the UK, and the trust then ceases to be UK resident later that year or the following year. The announced relief is in respect of the CGT exit charge only rather than providing a general exemption from UK taxation during the trust’s period of residence. Key Takeaway This is a welcome attempt to address a specific tax consequence of temporary trustee relocation. Our recommendation is that trustees continue to consider the wider tax consequences before relocating and take advice as early as possible. Protected Cell Companies: Gains Attribution Rules Tightened The government has confirmed that it will amend the capital gains participator rules for non-resident closely held companies to ensure they apply to protected cell companies. Broadly, the existing rules can attribute gains of a non-UK resident closely held company to its UK-resident participators. A tax charge can therefore arise even without a distribution being made. This measure takes effect from 28 October 2026, with legislation to follow in Finance Bill 2026–27. Offshore Penalties: Consultation Announced The government will publish a consultation later this year on reform to the offshore penalties framework. The announcement does not yet set out detailed proposals or an implementation date for any potential legislation. Inheritance Tax The Budget announced two specific changes to inheritance tax. The first addresses the treatment of liabilities connected with trusts and takes effect immediately. The second makes technical changes to the rules bringing most unused pension funds and pension death benefits within inheritance tax from April 2027. Liabilities And Trust Property From 28 October 2026, the inheritance tax rules governing liabilities and trust property have changed. A statutory rule for taking account of liabilities properly incurred by trustees when settled property is valued for inheritance tax purposes is being introduced. This will align the treatment of those liabilities with personal liabilities. There are also extensions to existing restrictions on deductions for debts and existing anti-avoidance rules. The purpose is to prevent certain liabilities which are funded using value originating from a beneficiary’s own estate from reducing inheritance tax charges. The changes apply to deaths and other chargeable events occurring on or after 28 October 2026. Key Takeaway This measure targets schemes that artificially create liabilities with a view to reducing the IHT burden of an estate and so is likely to have limited impact more widely. The definition of “properly incurred” will need closer examination when further details are published to fully understand the reach of the measure. Pensions And Inheritance Tax The government has also confirmed technical amendments ahead of the previously announced extension of inheritance tax to most unused pension funds and pension death benefits from 6 April 2027. A prospective personal representative will be permitted, where specified conditions are met, to direct a pension scheme administrator to pay inheritance tax due to HMRC. This change will take effect from 6 April 2027. Estates that qualify for the reduced rate of inheritance tax because part of the estate is left to charity will also be impacted by today’s announcements. Those administering an estate will be able to decide whether notional pension property is included in the estate’s ‘general’ component or treated as a separate component for the purposes of calculating the reduced inheritance tax rate. This change will also take effect from 6 April 2027. Key Takeaway These are largely welcome amendments to the complex administration arising from the new rules that bring pension pots into the scope of IHT from 6 April 2027. Anyone who is likely to be impacted by these new rules should seek advice before that date.

Following the Autumn Budget 2026, which was delivered by The Chancellor, John Healey, on 28 October 2026, our annual Budget update webinar explored the key announcements from the Chancellor and what they could mean for individuals, families and businesses. The session provided a clear overview of the main measures and the potential implications of the changes announced. Adam Kay took a closer look at the detail behind the Budget, highlighting the key tax and financial developments to be aware of and what they could mean in practice. The webinar offered practical insights to help attendees understand the changes and consider how they may affect their personal or business plans. For more information on the Autumn Budget, please the Saffery Budget hub.

The UK’s largest family-owned furniture retailer has scooped a major award celebrating excellence across the home and interiors industry. Furniture Village was named Best Furniture Retailer at the 2026 uFurnish.com Home Awards, as voted for by members of the public. The award recognises Furniture Village’s continued commitment to helping customers furnish their homes. It celebrates the family business’s longstanding presence in the industry, its extensive collection of furniture for every room in the home and its focus on offering customers quality, choice and inspiration. Founded in 1989, Furniture Village has spent more than 35 years helping customers to create homes they love, with a wide range of styles to suit different tastes and budgets. From sofas and statement armchairs to dining furniture and bedroom collections, the retailer offers stylish furniture and accessories for every room in the home. The uFurnish.com Home Awards celebrate the content creators and businesses who inspire home transformations and shines a spotlight on the creativity, innovation and expertise shaping the home and interiors sector. Charlie Harrison, Managing Director at Furniture Village, comments: “We are delighted to have won the Best Furniture Retailer Award at the 2026 uFurnish.com Home Awards. It is especially meaningful because it was voted for by the public. As a family business, we have always been passionate about helping people create homes they love, so it is fantastic to see that recognised. Thank you to everyone who voted for us and to our teams across the business for all their hard work.” Deirdre McGettrick, Co-Founder and CEO at uFurnish.com added, “Furniture Village winning Best Furniture Retailer at the 2026 uFurnish.com Home Awards is a fantastic achievement, made all the more special by the fact that it was voted for entirely by the public. It reflects the trust and appreciation customers have for a retailer that has been helping people create homes they love for more than 35 years." "Furniture Village has been a valued retail partner of uFurnish.com for over five years, and it’s wonderful to see their continued commitment to quality, choice and inspiring interiors recognised by the people who matter most - their customers. Congratulations to the entire Furniture Village team on this well-deserved win.” The awards ceremony, which takes place annually, was held at the Kimpton Fitzroy Hotel in London on 19th October, in partnership with Metro. The Best Furniture Retailer category was sponsored by Retail System. Photo: (L-R): Emily Flynn, Senior PR and Content Executive at Furniture Village, Isabella Rita, Senior Digital Marketing Executive at Furniture Village, Stephen Seage, Senior Performance Marketing Manager at Furniture Village, Darren Bastin, Sales Director at Retail System and Charlie Harrison, Managing Director at Furniture Village

It's a double GOLD celebration for Tims – with a CHAMPION title to top it all off! We're absolutely thrilled to announce that our 950g Greek Family Natural Kefir has been crowned CHAMPION of the Yogurts category at The Grocer New Product Awards 2026. And the celebrations don't stop there… BOTH of our shortlisted Kefirs struck GOLD 🌟 950g Greek Family Natural Kefir – GOLD & CATEGORY CHAMPION 🌟 450g Greek Family Vanilla Kefir – GOLD We're particularly proud of what the judges had to say about our new 950g Natural Kefir: “A really innovative and exciting product. Thick, creamy and so many culinary uses. I would readily replace any other live yogurt with this.” A huge thank you to The Grocer and its expert judging panel for this fantastic recognition. And, most importantly, an enormous shout-out to our brilliant team at the Dairy. It's their passion, expertise and dedication that make moments like this possible. The 950g tub is available on Ocado and as a reminder you can now find FIVE of our delicious Greek Family Yogurts and Kefirs in selected Tesco stores too, including this award-winning Vanilla Kefir 450g and our delectable NEW Greek Family Ginger Yogurt. To find out more about Tims Dairy visit here. About Tims Tims Dairy was established in 1949 by the Timotheou family. With decades of yogurt-making experience, we put quality, care and sustainability at the heart of every pot. The Tims range of Greek family yogurt is pure, fresh and healthy while being irresistibly moreish and made with all natural ingredients. Created for moments of healthier indulgence, Tims Greek Family Kefir is lactose, gluten and GM free, suitable for vegetarians, made with 12 gut-friendly live cultures.

The Roncadin group is preparing for the next phase of its growth with a three-year plan targeting turnover of €500 million. Founded by Edoardo Roncadin in Meduno, in the province of Pordenone, the company is now led by his son Dario as CEO. It has retained its identity and structure as a family business while establishing an international presence over the years and intends to grow further. To this end, the group is launching a strategic investment programme in Italy and the US, strengthening its sales organisation and sharpening its focus on the product concepts that have supported its international development to date. “With this investment of more than €80 million, the Roncadin family is making a clear commitment to expanding the business in frozen and chilled pizzas and savoury bakery products for international food retailers and the out-of-home market." "We are building on continuity, innovation and reliability – qualities that make Roncadin a strategic partner for its customers,” says Dario Roncadin. For 2026, Roncadin expects consolidated group turnover of around €300 million – the highest in the company’s history. More than 85% of turnover is generated outside Italy. The UK and US markets now account for 22% and 30% respectively of the total turnover for the group, which currently employs more than 1,250 people worldwide. Thomas Schulz, former Chief Sales Officer (CSO) and Executive Board member of the Freiberger group, has been Senior Commercial Advisor to the Roncadin group since 1 October 2026. Drawing on his international experience, he will support the sales organisation and management in achieving the strategic growth target of €500 million in turnover. “Our growth in recent years has brought exceptional results and major challenges. At the same time, it has increased our responsibility to strengthen our processes, production capacity, sales organisation and governance”, explains Dario Roncadin. “Thomas Schulz brings in-depth knowledge of international markets, extensive experience in own-label pizza and a valuable perspective for the next phase.” Demand in Europe has grown very rapidly in recent months, leaving available capacity almost fully utilised. To ensure long-term security of supply for its European partners, Roncadin has therefore laid the groundwork for further expansion, with an investment of around €50 million. By the end of 2026, construction of a new production line will be completed in Meduno, in the province of Pordenone, the group’s main production site for frozen own-label pizzas for food retailers. The line will occupy a 4,500-square-metre area connected to the existing factory and will increase production capacity to 140 million pizzas a year. Production is scheduled to begin in the first quarter of 2027, with full capacity expected in April 2027. A second line is also planned for early 2028, bringing capacity to 160 million pizzas a year. Once the expansion is complete and fully operational, it is expected to create around 200 new jobs. In parallel, Roncadin is investing in its existing infrastructure to increase storage capacity and maintain high standards of efficiency, productivity and quality. In the US, Roncadin is progressing with a €22 million investment in a second production line, which will be fully integrated into its Chicago factory, opened in late 2024. The aim is to commission the line by September 2027 so that it is fully available from 2028 and total production capacity reaches 50 million pizzas a year. This will enable the group to expand its business further and meet growing demand in the North American market, which has become a strategic pillar of the group. Further investment is planned at the Sommacampagna (Verona), to broaden the range and, in particular, develop the frozen topped pinsa segment. The group intends to focus on this segment to support its growth. In Caorle, (Venice), where RoncaLab acquired a factory in 2026 that previously specialised in pizza bases, a €5 million investment has been launched to develop a standalone snack range. The project focuses on producing mini pizzas and dough balls in new sizes and formats tailored to the needs of the retail and foodservice sectors. Among other developments, a new production line has been installed for mini pizzas ranging from 7 to 12 centimetres. “With these investments, we want to broaden our range and open up new market opportunities. In doing so, we will remain focused on what sets our products apart: high-quality ingredients, careful production and the standards we set for the finished product,” adds Dario Roncadin. “Our aim is to offer versatile solutions that meet the needs of different distribution channels while delivering the quality our group stands for.” Strategic growth continues to go hand in hand with investment in sustainability. In 2026, Roncadin completed the installation of a new solar photovoltaic system connected to its Meduno factory, taking a further step towards greater energy independence. With the new system, installed photovoltaic capacity at Meduno exceeds 7 MWp: electricity generated on site covers more than 30% of the factory’s needs, while the remaining 70% comes from certified renewable sources. In 2024, Roncadin was among the first Italian companies in the agri-food sector to achieve B Corp certification. The group remains committed to combining business growth with a consistent focus on corporate responsibility. Dario Roncadin concludes: “We want to grow on solid foundations, build capacity before committing to volumes, and put quality, service, innovation and sustainability at the heart of our business. Turnover of €500 million is our next milestone. We want to reach it step by step and reliably, laying the foundations today for growth in the years ahead.”

Help for low-income pensioners Olly Cheng, Financial Planning Divisional Lead at Rathbones commented: “Pensioners relying solely on the State Pension have precious little financial wiggle room, so protecting them from being dragged into the income tax net is welcome. It would be perverse for increases intended to protect pensioners’ incomes to leave some facing a tax bill simply because tax thresholds have failed to keep pace." “But there is a bigger lesson here. The recent decision to adjust the triple lock from April 2030 is a timely reminder that the rules governing the State Pension are not set in stone. The Government says the new approach will continue to protect pensioners against inflation and maintain its value relative to earnings over time, but the mechanism itself is changing." "For younger generations in particular, the message is clear: don’t bank on the State Pension doing all the heavy lifting. Building a decent retirement nest egg of your own is becoming increasingly important. The State Pension can provide the foundations, but your own pension and savings will determine how much financial freedom you have in retirement.” Chancellor U-turn on cash ISA allowance Isabella Galliers-Pratt, Senior Investment Director at Rathbones, commented: “This U-turn is a victory for common sense. You don’t create investors by penalising savers. Cutting the cash ISA allowance risked leaving people with an uncomfortable choice: take more investment risk than they are comfortable with, or keep their savings outside an ISA and potentially pay more tax." “Our research shows why changing the ISA rules was never going to be a silver bullet. More than a quarter (27%) of people think stocks and shares are too risky, while 28% say they lack the know-how to manage investments themselves. At the same time, almost a third (32%) are willing to take a high level of risk in pursuit of stronger returns. There is an appetite to invest, but confidence and understanding remain real barriers for many." “Cash and investments also do different jobs. Cash can provide an emergency buffer or somewhere to keep money needed in the short term, while investing is generally about building wealth over the longer term. It shouldn’t be a case of cash versus investing. Both can have an important place in a well-rounded financial plan." “The ambition to get more people investing is absolutely right, but education and confidence-building are better tools than restriction. Helping people understand investment risk, diversification and the impact inflation can have on cash savings is more likely to encourage sustainable, long-term investing than trying to push them towards it through changes to the tax rules." “We hadn’t materially changed how we manage client portfolios in anticipation of the proposed cash ISA changes, particularly while the detail remained unclear. Where appropriate, we already use short-dated gilts as an alternative to holding excess cash because they can offer attractive returns relative to cash rates. That wasn’t a response to potential ISA reform; it is simply part of how we seek the best outcomes for clients." “The proposals also raised significant practical questions. Trying to distinguish between invested and uninvested money within an ISA for tax purposes could have been extremely difficult to police, while taxing uninvested ISA cash risked creating an administrative headache for savers, providers and HMRC alike. Abandoning the proposals avoids adding another layer of complexity to a system that should be simple for people to understand, use and trust.” New Starter ISA and help for first time buyers Isabella Galliers-Pratt, Senior Investment Director, Rathbones commented: “A Starter ISA could be a much more effective way of creating a new generation of investors than trying to push people out of cash. The real barriers to investing are often confidence, understanding and fear of losing money, rather than a lack of tax-efficient products." “The detail will matter, but a meaningful incentive to make that first investment, alongside the right education and support, could help turn more savers into long-term investors. That could take the form of a government top-up on an initial investment, for example, giving people a tangible reason to take that first step.” Olly Cheng, Financial Planning Divisional Lead, at Rathbones, commented: “The Bank of Mum and Dad has been working overtime to help first-time buyers get a foot on the housing ladder, and increasingly the Bank of Grandma and Grandad is being raided too. So measures that genuinely make buying that first home easier are welcome." "What we hear from clients is that family support can make the difference between a property purchase remaining a pipe dream and becoming a reality. Parents are dipping into their own resources to help, which can put pressure on their longer-term financial plans, while grandparents are increasingly thinking about how they can pass wealth down while they are still around to see the benefit. For grandparents in particular, helping with a deposit can dovetail with wider estate planning and, where appropriate, potentially reduce a future inheritance tax liability." “But buying your first home shouldn’t depend on winning the lottery of birth. The real prize would be a housing market where more young people can afford to take that first step without needing increasingly deep pockets elsewhere in the family.” Maintaining CGT Isabella Galliers-Pratt, Senior Investment Director, at Rathbones, commented: “A potential increase in Capital Gains Tax has been one of the primary concerns we’ve heard from clients ahead of this year’s Budget, so keeping rates unchanged provides some welcome certainty. That matters because uncertainty around CGT can influence behaviour even when the rules ultimately stay the same. Investors may bring forward disposals, delay selling assets or rethink how they realise gains because they fear a future increase." “For now, the tax goalposts haven’t moved, which should allow investors to focus on the fundamentals rather than second-guessing the Chancellor. Tax is an important part of financial planning, but it shouldn’t be the tail that wags the investment dog. Decisions about when to sell should ultimately be driven by long-term objectives, diversification and risk, rather than Budget speculation.” Commenting, Ed Wood, Financial Planning Director, at Rathbones, says: “Families will breathe a sigh of relief. Scrapping the CGT uplift on death risked delivering a one-two punch of additional tax complexity and potentially significant record-keeping headaches for inherited assets." "What we hear from clients is that estate planning already feels increasingly complicated, particularly against a backdrop of wider changes to the taxation of inherited wealth. Repeated speculation about further reform can make families understandably nervous about whether plans made today will still stack up tomorrow." “Keeping the existing CGT treatment provides some welcome certainty and also avoids what could have become a significant administrative headache for executors trying to reconstruct the historic cost of assets held for many years. For now, the goalposts haven’t moved. But estate planning is inherently long term, and families ultimately need a stable and predictable tax framework that allows them to plan how wealth will pass between generations with confidence.” Rathbones Asset Management: Bond market reaction to the Budget Bryn Jones, Head of Fixed Income, Rathbones Asset Management: “The Budget looks broadly consistent with market expectations, with fiscal discipline and adherence to the fiscal rules at its core. The government is maintaining around £15 billion of headroom, while targeting net debt below 83% of GDP. Elsewhere, the package combines energy measures, business-rate reductions and changes aimed at closing internet VAT loopholes, while the £20,000 cash ISA allowance is unchanged and banks see an increase in the 3% corporation tax surcharge to 6%." "For markets, however, the important point is less the individual measures and more whether the overall fiscal arithmetic remains credible without a material increase in borrowing. At present market seems to have accepted the budget as an overall non fiscal challenging event." The gilt reaction has so far been relatively muted. Gilts rallied ahead of the Budget but were broadly unchanged on the day going into the Chancellor’s speech, suggesting expectations of a fiscally restrained package were already reflected in valuations. The absence of a significant fiscal surprise is important given how sensitive the market remains to changes in the UK’s borrowing requirement and the quantity of duration investors will ultimately have to absorb. Attention now shifts from the political announcements to the numbers underpinning them. The gilt remit is therefore likely to be the more important market event. A funding mix involving greater Treasury bill issuance and less long-dated gilt supply would reduce the amount of duration being pushed into the market and, at the margin, should be supportive for the long end. Conversely, any larger-than-expected borrowing requirement or heavier conventional long-duration issuance could quickly reverse the initial reaction. For gilt investors, the key question from here is not whether the Budget sounds fiscally disciplined, but how that discipline translates into the size and maturity profile of UK government issuance.” Rathbones Asset Management: Budget commentary on gilts Bryn Jones, Head of Fixed Income, Rathbones Asset Management: “The gilt remit represents a meaningful shift in issuance away from the long end. Sales of short conventional gilts will increase by £2.7bn and medium conventional gilts by £7.5bn, while the unallocated portion rises by £2.7bn." "This is partly offset by a sizeable £7.7bn reduction in long conventional gilt sales. Long conventional gilts will now account for just 6.2% of total issuance, down from 9.1%, and dramatically below the 20% plus share seen at times over the past two decades." “That matters for the shape of the gilt curve. The market is being asked to materially absorb less duration, with additional issuance concentrated at the short and medium parts of the curve. All else equal, that should be supportive for longer-dated gilts and creates a strong technical argument for long-end outperformance and curve flattening after a reduction of QT at the long end too. The reduction to just 6.2% also underlines how far the UK's funding mix has shifted away from long-duration issuance compared with its historical norms.” Business rates Please see below commentary from Rathbones on the Chancellor’s announcement to increase the threshold at which small companies start paying business rates from £12,000 to £18,000. Ade Babatunde, Senior Financial Planning Director at Rathbones, commented: "For small businesses watching every pound, this is a welcome shot in the arm, but it won’t transform the mood overnight. Raising the business rates threshold is a welcome move that should give qualifying firms a little more financial breathing room. But what we’re hearing from business owners is that rates are just one item on an increasingly long bill. Tax, employment costs, regulation and wider operating pressures are all weighing on businesses’ ability to plan and invest with confidence." “This is positive, but it is a drop in the ocean compared with what is needed to really shift the dial on business confidence. What owners ultimately crave is certainty, stability and the confidence to invest in their business without constantly wondering what the next tax or cost increase might be.” Banks to pay extra 3% on banks surcharge starting January 2027 Adam Hoyes, Senior Asset Allocation Analyst, at Rathbones, commented: "Increasing the bank surcharge may look like a relatively straightforward way to raise revenue, but there is no such thing as a consequence-free tax rise. The bigger challenge facing the UK is how to generate stronger economic growth and investment. Banks play an important role in providing the finance businesses need to invest and expand, so increasing the tax burden on the sector needs to be weighed carefully against the Government’s wider growth ambitions." “The Treasury needs revenue today, but it also needs a stronger tax base tomorrow. The sustainable route out of Britain’s fiscal bind is ultimately a faster-growing economy, and tax policy should be judged as much by whether it supports that goal as by the money it raises in the short term.”

RPG Crouch Chapman LLP (RPGCC) has published its Budget 2026 summary, providing businesses, business owners and individuals with a clear overview of the Chancellor’s announcements and the potential implications for their finances, tax planning and future decisions. Following the Chancellor’s Budget, the RPGCC team has reviewed the announcements to help clients understand the key changes, identify areas that may affect them and consider any action they may need to take. The Budget can bring important changes to the financial landscape, with implications for businesses, entrepreneurs, investors and individuals managing their personal finances. Understanding what the announcements mean in practice is an important first step in making informed decisions and planning ahead with confidence. RPGCC’s Budget 2026 summary brings together the main announcements in one accessible resource, helping readers navigate the changes and understand the issues they may need to consider in the months ahead. As a firm providing accountancy, audit, tax and business advisory services, RPGCC combines technical expertise with a personal, partner-led approach, supporting clients as they navigate an evolving financial and regulatory environment. The publication is designed to provide a useful starting point for understanding the Budget and its potential impact. As individual circumstances differ, readers are encouraged to speak to their RPGCC adviser to discuss the implications for their own business or personal finances. Read the RPGCC Budget 2026 summary by downloading the report here:

Anas Siddique, Head Chef at Buzzworks’ newest venue, The Bass & Barrel in North Berwick, has been named a finalist for the prestigious Andrew Fairlie Scholarship, marking another significant achievement in his growing culinary career. Originally from India, Anas was born in Bangalore and grew up in Hyderabad before moving to Muscat, Oman, at the age of 20 to begin his culinary career in an Italian restaurant. He later moved to Edinburgh, where he has spent the past three years developing his skills and progressing his career with Buzzworks. Anas joined the business at Herringbone in Abbeyhill, where he spent two and a half years, before going on to work with the teams at Herringbone Goldenacre and Scotts at Port Edgar Marina in South Queensferry. His recent appointment as Head Chef at The Bass & Barrel marks another significant milestone in his career. Having previously completed a pastry scholarship through HIT Scotland, Anas is hoping to build on that experience by securing a place on the Andrew Fairlie Scholarship programme. Anas Siddique, Head Chef at The Bass & Barrel, said: “I’m proud to have reached the final of the Andrew Fairlie Scholarship. Having previously completed a scholarship, I know first-hand how rewarding these experiences can be. I’m passionate about what I do and am always looking for opportunities to challenge myself, explore new ideas and continue growing as a chef.” His latest achievement follows his appearance in the national final of the Master Chefs of Great Britain (MCGB) Game Chef of the Year 2026 competition, where he was one of just six finalists selected from across the UK, four of whom represented Buzzworks. David Bell, Director of Food at Buzzworks, said: “It’s fantastic to see Anas reach the final of the Andrew Fairlie Scholarship. He’s worked incredibly hard to develop himself as a chef, and his progression to Head Chef at The Bass & Barrel is a great example of what’s possible when someone has the ambition and determination to keep pushing themselves." “We’re passionate about giving our chefs opportunities to develop, challenge themselves and achieve things they might not have thought possible. Anas should be incredibly proud of what he’s achieved, and we’ll all be right behind him in the final." Buzzworks is a corporate sponsor of MCGB, reinforcing its investment in future hospitality leaders through masterclasses, mentorship from leading UK chefs and enhanced training opportunities across its portfolio of venues. The hospitality operator has also been recognised in the ‘Best Companies to Work For’ list for a tenth year, achieving 29th place in the ‘Best Large Company to Work For in the UK’ and its highest ranking to date. To find out more, visit here.

Chancellor John Healey’s first Budget will hand high-growth founders the most generous tax relief since 2020 but halves the lifetime limit on the relief many other business owners rely on, according to accountancy and business advisory firm Johnston Carmichael. From 6 April 2027, qualifying founders of high-growth, innovative companies will benefit from a new 10%, compared with the standard 24% rate, on up to £10m of lifetime gains. Eligibility will be set following a technical consultation, but the conditions are likely to be stringent. On the same date, the lifetime limit for Business Asset Disposal Relief (BADR), which reduces the CGT rate to 18%, is halved from £1m to £500,000. A founder who qualifies for the new relief on the full £10m could save up to £1.4m while those who rely on BADR will see their maximum saving fall from £60,000 to £30,000. The Treasury says three in four BADR claimants will be unaffected. Alex Docherty, Partner and Head of Private Client Tax at Johnston Carmichael, said: “Ahead of the Budget, we said founders needed a relief that properly rewards the risk of building a business. For high-growth, innovative companies, the Chancellor has delivered exactly that. A 10% rate on up to £10m tells anyone building the next big British business that the UK wants them to do it here." “But this Budget has created two classes of founder. The engineering firm, the hotel, the family business that sustain jobs in local communities – these are the backbone of the economy, and most are unlikely to count as high-growth and innovative. The cut to Business Asset Disposal Relief affects exactly the owners who spent a lifetime building something substantial. The consultation on who qualifies for Founders’ Relief must address that divide.” On business tax, the government reaffirmed its Corporate Tax Roadmap. The main rate of corporation tax remains capped at 25%, and full expensing continues for qualifying expenditure. But the balance of capital allowances has shifted. The main First Year Allowance rises from 40% to 50% for qualifying expenditure from 1 January 2027, while the main Writing Down Allowance falls from 14% to 12% from April 2027. John McAuslin, Partner and Head of Corporate Tax at Johnston Carmichael, said: “Keeping the 25% cap and full expensing gives businesses planning significant capital investment some continuity. But spending that doesn’t qualify for full expensing will now be relieved more slowly. Any business contemplating material capital expenditure should look carefully at the timing and nature of that investment, and at whether it can qualify for full expensing or the enhanced First Year Allowance.” David Ward, Partner and Head of Tax at Johnston Carmichael, urged owner-managed and family businesses to watch a potentially significant reform of how company distributions are taxed. The proposals aim to stop profit extraction being structured to obtain more favourable tax treatment, with draft legislation due for consultation in 2027 and the new rules expected from April 2028. He said: “The government has committed to protecting capital treatment for genuine changes in ownership, including family business succession, and intends to expand demerger relief in some circumstances. These commitments are welcome, but the detailed rules will be critical in determining how effectively legitimate succession, shareholder exits and commercial reorganisations are protected.” David also pointed to the sector-specific taxes funding targeted support. The Bank Corporation Tax Surcharge doubles from 3% to 6% for 15 months to help pay for lower energy bills, while Machine Games Duty on higher-stake machines rises from 20% to 25% from April 2027 to help fund a real-terms freeze in business rates for retail, hospitality and leisure properties in England. It remains to be seen whether Scotland will follow. The Scottish Government will receive an additional £600m through the Barnett formula over the Spending Review period and sets its own Budget on 3 December. David added: “The Chancellor has promised breathing space now and fresh hope for the years ahead. But what businesses need most from a Budget is long-term certainty, and once again the rules have changed for people trying to plan ahead. Business Asset Disposal Relief is a case in point. Since 2020, the lifetime limit has gone from £10m to £1m and now to £500,000, and the rate has nearly doubled from 10% to 18%." “Businesses are built over a lifetime, not a single Parliament. Owners need to plan succession years in advance, and repeated changes to the tax treatment of business disposals make that planning more difficult." “Moves such as asking Ofgem to scrap gas standing charges are welcome, but they’re tinkering at the edges. A tax system set for the long term and then left alone would do far more for investment and growth than another round of adjustments.” For more information on Johnston Carmichael, please visit  here.

Ed Wood, Financial Planning Director at Rathbones, outlines what the Budget announcements could mean for business owners Founders Relief offers a major incentive for high-growth businesses “The announcement of a new Founders Relief, reducing capital gains tax to 10% on gains of up to £10 million when an entrepreneur sells their business, could provide a significant incentive for individuals to build and grow businesses in the UK." “From the 2027/28 tax year, the relief could deliver a potential tax saving of up to £1.4 million. However, the small print will matter. The relief appears designed specifically to reward high-growth businesses, meaning some founders could be disappointed to discover their company does not qualify." “The Government’s consultation suggests businesses would need to meet two out of three potential criteria: 25% annual turnover growth across three consecutive years, 25% average annual headcount growth over the same period, or £1.5 million of qualifying R&D expenditure.” Business Asset Disposal Relief reduction takes some of the shine off “While the Chancellor gave with one hand, he took away with the other by reducing the maximum gains eligible for Business Asset Disposal Relief (BADR) from £1 million to £500,000." “BADR reduces the capital gains tax rate from 24% to 18%, so halving the lifetime limit reduces its maximum potential benefit from £60,000 to £30,000 per person." “For many business owners, that means the Budget is something of a mixed bag. The biggest rewards are being targeted at those able to meet the Government’s definition of a high-growth business, while the existing relief available to the broader population of entrepreneurs is being scaled back.” A broadly revenue-neutral reshuffle “Ultimately, this looks less like a broad tax giveaway and more like a reshaping of incentives towards high-growth businesses." “The Government’s own figures forecast the two measures to be broadly revenue neutral by 2030/31, with the £285 million cost of Founders Relief almost entirely offset by the £280 million raised from reducing BADR." “The direction of travel is clear: the Government wants to put greater tax incentives behind entrepreneurs who can demonstrate sustained growth, job creation or significant investment in research and development.”