Jurisdiction(s):
United Kingdom

Budget 2025: UK tax reforms across corporate, personal, VAT, stamp and international regimes—key measures, anti-avoidance, administration and practical implications for lawyers

Published on: 26 November 2025

Published by a LexisNexis Tax expert

Legal News

Article summary

On 26 November 2025, Rachel Reeves, the Chancellor of the Exchequer, presented the Labour administration’s second Budget, widely referred to simply as Budget 2025. On the same day, the Office for Budget Responsibility (OBR) set out its economic and fiscal outlook for the UK. Proceedings opened poorly, and chaotically, with an OBR forecast leaking amidst a slew of prior government-led briefings and the release of a frustratingly static index of ‘Budget 2025 tax related documents’ to which hyperlinks were not inserted until close to 8pm, together with a piecemeal, stop‑start publication of tax information across scattered web pages, sending readers on a fruitless treasure hunt for clarity or coherence and with no appearance whatsoever of the Overview of Tax Legislation and Rates (OOTLAR). Headline measures comprised, among other items, extending, for another three years to April 2031, the existing personal allowance and income tax bands for taxpayers, and increasing income tax rates applied to property, savings and dividend receipts, as well as imposing employer and employee National Insurance contributions (NICs) on pension payments above £2,000 a year per worker where made via salary sacrifice. Beyond the salary sacrifice reform, further notable business tax announcements in Budget 2025 (some of which...

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