Autumn Budget 2025: What private client lawyers should watch for

Following Chancellor Rachel Reeves’ surprise press conference this morning, the Autumn Budget on 26 November 2025 is set to deliver “tough but fair” measures aimed at restoring fiscal stability. Private Client lawyers are anticipating a wave of reforms that could reshape the legal and financial landscape for high-net-worth individuals and families. 

Here’s what Private Client lawyers should expect across four key areas: 

Trust and Tax Law: Wealth-Based Taxation Confirmed

• Inheritance Tax Reform: Reeves signalled that asset-rich households will bear the brunt with possible contenders:  

• A lifetime gifting cap (rumoured at £100,000) before IHT applies. 

• Extension of the seven-year rule to 10 years and possible removal of taper relief.  

• Trusts Under Review: New trusts may face stricter IHT rules and reporting obligations. 

• LLP Charges: A levy on Limited Liability Partnerships is under consideration, potentially impacting professional structures.  

Key takeaway: Estate planning strategies should be revisited – clients considering gifts or trust setups need to take action. 

Property Law: Is Stamp Duty Replacement Likely?

• National Property Tax: Reeves hinted at structural reform of property taxation, with strong speculation that SDLT will be replaced by a seller-based property tax.  

• Mansion Tax: An annual levy on high-value homes remains on the table. 

• CGT Alignment: Capital Gains Tax could move closer to income tax rates, reducing reliefs for main residences. 

Key takeaway: Property transactions may become more expensive—timing and ownership structures will be critical. 

Family Law: Pensions and Benefits in the Spotlight

• Pension Tax Relief: Likely capped at 30%, with unused pots subject to IHT from 2027. 

• Child Benefit Reform: Reeves reaffirmed welfare reform as a priority, suggesting changes to the two-child cap and tapered benefits.  

Key takeaway: Divorce settlements and succession planning should factor in pension and benefit changes. 

Employment Law: Payroll Costs Rising

• Employer NI Contributions: Expected increase from 13.8% to 15%, alongside a lower threshold for NI liability. 

• Flexible Work Rights: Employment Rights Bill will expand protections and flexibility. 

Key takeaway: Employers should prepare for higher payroll costs and compliance with new worker protections. 

Final Thoughts

The Autumn Budget 2025 is poised to deliver sweeping changes across multiple domains. For Private Client lawyers, early engagement with clients and proactive planning will be essential.  

The Chancellor stressed that these measures aim to “get inflation falling”, create conditions for interest rate cuts, and protect the NHS while reducing debt. Her press conference makes clear that changes are coming.  

Contact us today at 020 7940 4060 or email us at mail@anthonygold.co.uk for expert legal support to ensure you are prepared for any changes the budget may brin