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ARTICLE · 13 NOVEMBER 2026

Autumn Budget 2026

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

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Chancellor John Healey's maiden Budget introduces significant tax reforms including a temporary 3% Corporation Tax Surcharge on banks, a new Founders' Relief offering 10% CGT rates for innovative company founders, and fundamental changes to distribution taxation rules. The Budget also proposes ending nearly a century of sovereign tax immunity for direct UK real estate investments and increases income tax rates on property and savings income.

United KingdomTax
William Arrenberg
William Arrenberg
Nick Clayton
Nick Clayton
Casey Dalton
Casey Dalton
Michael Hunt
Michael Hunt
Joshua Lom
Joshua Lom
Howard Murray
Howard Murray
Aurell Taussig
Aurell Taussig
Andrea Gott
Andrea Gott
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The Chancellor of the Exchequer, John Healey, delivered his maiden Budget today. 

The principal measures are set out in our full briefing which can be found here.

Set against a backdrop of elusive economic growth, stubbornly high inflation and increasing public debt, and with the constraints of the Government’s manifesto pledge not to increase National Insurance, rates of Income Tax or VAT for “working people”, the Chancellor had few options for significant revenue-raising measures. 

But tax revenue had to be found from somewhere, and in the short term, the Chancellor said he was “looking to our banks to help fund breathing space for British families”. A 3% increase to the Corporation Tax Surcharge on the profits of banks and building societies was thereby announced, albeit a temporary one that will run for 15 months from January 2027.

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