Caroline Miller
- Partner
- Private Client
With the UK facing economic headwinds and political recalibration, all eyes are on Chancellor Rachel Reeves as she prepares to deliver the Autumn Budget on 26 November 2025. Her pre-Budget statement this week, referencing “necessary choices,” has further fuelled speculation around sweeping tax reforms. At present, the changes being mooted in the press including those relating to inheritance tax, capital gains and a possible wealth or “mansion” tax are pure speculation, and nothing has been confirmed. It does look likely, however, that the Chancellor will use tax rises to close the government’s financial deficit and fund its spending plans. What direction those tax reforms may take may become clearer in the weeks leading up to the Budget.
In this issue, we provide a broad summary of the recent Budget speculation for those who are interested in possible areas of focus for the Chancellor; but at this stage it is impossible to plan with any certainty, and we would encourage clients to take professional advice before taking any action. Away from the Budget, we also take look at the recently enacted Renters’ Rights Bill and how these affect tenants and landlords, plus Inheritance Tax planning when it comes to art and heritage assets.
In this issue…
- Autumn Budget 2025: speculation mounts over personal tax reforms — as Chancellor Rachel Reeves prepares to deliver the Autumn Budget, speculation is rife over potential personal tax reforms. While nothing is confirmed, mooted changes to inheritance tax, capital gains, and a possible mansion tax suggest a shift may be coming. With a £30bn fiscal gap to close, the Chancellor is expected to lean on tax rises — though the exact direction remains uncertain. We summarise possible areas of focus for the Chancellor.
- Business Property Relief restrictions – Inheritance Tax planning with art and heritage assets — from April 2026, Business Property Relief will be capped at £1 million, with excess assets receiving only 50% relief, potentially triggering significant inheritance tax liabilities. Heritage assets such as historic buildings, land, art and other collections may qualify for alternative protection through Conditional Exemption or the Acceptance in Lieu scheme. We consider the planning options.
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Renters’ Rights Act 2025 – what landlords need to know – the Renters’ Rights Act 2025 has officially received Royal Assent, ushering in the most transformative reform of England’s private rented sector in decades. Designed to rebalance the dynamic between landlords and tenants, the Act introduces sweeping changes — from abolishing fixed-term tenancies to banning rental bidding and ending no fault evictions, to establishing a national landlord database. While further regulations are expected to bring the Act into full force, landlords must act now to prepare for the new compliance landscape.
In the press
- Wedlake Bell has welcomed Partner Sophie St John and Owen Bryne, to its Private Client team, bringing deep expertise in UK and international estate planning, tax, and wealth structuring for globally mobile families. Read more here.
- The team has also welcomed Partner Owen Byrne, whose expertise in estate planning and wealth protection strengthens the firm’s commitment to delivering seamless, integrated advice for families and trustees. Read more here.
- Art & Heritage Counsel Clarissa Levi is quoted in the Financial Times discussing the inheritance tax deferral that preserves the UK’s heritage, praising the scheme’s nuanced approach and highlighting how it balances the interests of owners, the public, and our national heritage. Read more here.
- Partner Petra Warrington has been quoted in Insurance Business on difficulties insuring priceless historical items following from the daring daylight robbery of the Louvre last month. Read more here.
This article is for general information purposes only and does not constitute legal advice or a comprehensive statement of the law. Specific legal advice should always be sought in relation to individual circumstances.
This article is for general information purposes only and does not constitute legal advice or a comprehensive statement of the law. Specific legal advice should always be sought in relation to individual circumstances.
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