Chancellor Rachel Reeves’ Autumn Budget, delivered on Wednesday 26 November, sets out a wide range of measures that will shape the economic and regulatory landscape for the year ahead.
Our MHA industry specialists share their initial reactions to the announcements, offering early insight into the key changes and what they could mean for their industries. These are our experts’ first-look views as the detail continues to emerge.
Higher business rates could be the final straw for some
"Despite industry leaders being told otherwise, last minute changes to higher business rates for high value properties will now bring supermarkets into the regime. This is part of the broader effort to rebalance business rates across the economy but is likely to lead to higher prices for shoppers and potentially make some stores unprofitable and at risk of closure. This multi million pound tax hit, will also be exacerbated by a further increase in the national minimum wage. Earlier increases in the national minimum wage and the increase in employer national insurance contributions have already had a significant impact on retailers of all sizes and this could be the final straw for some."
Comments on fuel duty
"The Chancellor has confirmed that the temporary 5p reduction in Fuel Duty will be extended for a further five months, maintaining the rate at 52.95p per litre until September 2026. From April 2027, fuel duty will be adjusted annually in line with the Retail Price Index (RPI), with the Office for Budget Responsibility (OBR) forecasting revenues of £2.4 billion in 2026–27, rising by an average of £0.9 billion per year due to inflation. While the extension is likely to be welcomed by many, the long-standing freeze on fuel duty rates—first introduced in 2011—means consumers continue to feel the impact of tax increases."
The Chancellor also announced new legislation designed to ensure these reductions are passed on to consumers, including the introduction of a new “Fuel Finder” system. This platform will allow drivers to compare real-time fuel prices and report petrol stations that fail to comply with the pricing requirements.
Meanwhile, the revised electric vehicle (EV) mileage rates reduce some of the financial incentives for switching to EVs. For many households and businesses, the upfront costs of purchasing an EV remain significant, and lower mileage benefits make the transition less financially attractive. At the same time, fuel prices have remained relatively stable over the past 21 months, currently averaging around £1.36 per litre for petrol. This stability has provided some relief for both businesses and households in managing everyday expenses.
Comments on gambling tax
"The gambling tax changes have been confirmed in the OBR leaked response to the Budget. From 1 April 2026, remote gaming duty (RGD) will almost double from 21 to 40%. RGD applies to gambling online, rather than in bricks and mortar outlets. At the same time, bingo duty will be abolished from its current 10% rate. From April 2027 there appears to be an expansion in general betting duty with the introduction of a 25% rate on remote gaming, excluding self-service betting terminals, spread betting, pool bets, and horseracing."
"The gambling tax changes have been confirmed in the OBR leaked response to the Budget. It’s a near doubling in remote gaming duty so is going to mean tighter margins for operators and probably worse odds for punters. It is likely to hit smaller operators with tighter margins the hardest. The removal of Bingo duty is not going to be much of consolation."
From 1 April 2026, remote gaming duty (RGD) will almost double from 21 to 40%. RGD applies to gambling online, rather than in bricks and mortar outlets. At the same time, bingo duty will be abolished from its current 10% rate. From April 2027 there appears to be an expansion in general betting duty with the introduction of a 25% rate on remote gaming, excluding self-service betting terminals, spread betting, pool bets, and horseracing.
Transferable Relief: Fixing an Unnecessary Inheritance Tax Complexity
"The Chancellor’s decision to make the £1m allowance for 100% agricultural and business property relief transferrable between spouses is a welcome common-sense simplification which had been conspicuous by its inexplicable absence from last year’s budget."
"This measure should be revenue-neutral for any well-advised taxpayer."
It is directly comparable to the transferable nil rate band which was introduced in 2007. Married taxpayers had previously been routinely advised to create discretionary trusts in their wills. This often served no purpose besides preserving the benefit of a nil rate band which would otherwise have been lost if the entire estate had been left to the surviving spouse.
The 2007 transferrable nil rate band removed this unnecessary complexity, as today’s announcement removes a similarly unnecessary complexity from the inheritance tax charge on agricultural and business property announced last year.
A major shift in UK customs policy
"In a brief mention in today’s Budget, Chancellor Rachel Reeves confirmed a major shift in UK customs policy: the government plans to scrap the duty de minimis waiver for goods under £135 by March 2029. Low-value imports have soared, with HMRC data showing 1.6 million parcels arriving daily and the total value declared via the existing low value regime jumping from £3.8bn to £5.9bn in a year. The consultation proposes applying full customs tariffs, a possible admin fee, and replacing the existing process with a new dedicated system, with online marketplaces bearing responsibility for compliance and non-established sellers needing UK fiscal representatives."
For consumers, the online shopping experience may stay the same, but costs will rise and the customs duty element will become more visible. As a result, the gap between online and high street prices will shrink, potentially encouraging shoppers to return to UK retailers. Gifts will remain exempt from duty. Read full comment: Autumn Budget 2025: A major shift in UK customs policy
Tax gaps
"Virtually every Chancellor highlights a focus on clamping down on tax avoidance and closing the tax gap. HMRC have had all the legislative powers they need to do this for a number of years now so this is nothing new."
Any further measures to achieve this need to be practical including reviewing our very complex tax code which makes it easier for mistakes to be made and words to be interpreted in less favourable ways as far as tax yield is concerned.
Things like real time reporting, focusing on where the gap is largest such as SME compliance and using technology will help reduce the gap.
Sustainability ESG
"The Budget commits £10 billion to green investment and maintains fiscal discipline, yet by reducing ISA allowances and avoiding bold clean‑energy expansion, it risks constraining private capital flows and missing the economic upside of accelerated net‑zero leadership. Business and government must align to harness our opportunity, not hide it."
Mansion tax
"As a huge shake up of the taxation of homes, the long expected ‘mansion tax’ was announced this afternoon. There are worries that such a move may depress the residential property market and unfairly disadvantage those who were able to acquire their home many years ago."
It is envisaged that those who are asset rich may struggle to pay the new annual surcharge which could be as much as £7,500 in respect of homes that are in excess of £5 million or more.
The OBR is concerned that such a measure, whilst expected to raise £0.4 Billion, will contribute to reduction in the yield from other property taxes including SDLT and CGT as a result of behavioural changes.
Autumn Budget Hub
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