The UK tax system seems to grow more complicated every year. It was therefore a relief to hear Rachel Reeves’ promise, in her first Budget in October 2024, that she would restrict herself to one ‘fiscal event’ each year. She would not tinker with the tax system in November and again in March, as some of her predecessors have done. On this occasion at least, she has kept her promise: her speech contained nothing about tax and there were no new documents released on the internet by HM Revenue & Customs when she sat down.

Because it was not a ‘fiscal event’, the Chancellor did not mention the very significant tax changes that have been announced in the past to come into effect in the future. In order to help keep track of what is happening and when, GMcG Chartered Accountants’ 13 page summary document details the main changes – and some significant decisions to keep things the same – that we already knew about, and explains their impact. This includes the December 2025 increase of the proposed Inheritance Tax 100% relief threshold for Agricultural and Business Property to £2.5M.

To download GMcG’s summary document, visit: gmcgca.com/publications

As some of the measures outlined in the summary document are subject to legislation, the details may change during the legislative process and should therefore be kept under review.

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