Comprehensive market commentaries, global macroeconomic outlooks, and tax advisory publications from our Co-CIOs and senior structuring specialists.
Tax & Wealth Structuring
A comprehensive breakdown of Chancellor Rachel Reeves' £26bn tax-raising package (£15bn personal taxes, £11bn broader levies). While public spending was frontloaded, the majority of tax increases were backloaded past April 2028.
Macro Strategy
Exploring how financial markets look through geopolitical crises by pricing rapid diplomatic off-ramps, alongside the colossal AI data centre and semiconductor capital expenditure boom driving equity earnings.
Macro Strategy
Analyzing Federal Reserve rate reductions in late 2025, yield curve steepening, Asian equity outperformance, digital asset volatility, and why UK government bond markets remained orderly.
Annual Outlook
Coordinated fiscal spending in Germany, Japan, and the United States coupled with technological efficiency gains provides a resilient floor for global equity mandates.
Below is our definitive reference guide to the legislative changes affecting business owners, wealth creators, property investors, and multi-generational estates.
| Tax Category | Implementation Date | Key Legislative Measures |
|---|---|---|
| Employer National Insurance | April 2025 | Rate increases by 1.2% to 15.0%; secondary threshold lowered from £9,100 to £5,000. |
| Business Asset Disposal Relief (BADR) | April 2025 & April 2026 | Increases to 14% in April 2025, then to 18% in April 2026 (matching lower main CGT rate). |
| Employee Ownership Trusts (EOT) | Immediate (Oct 30, 2025) | 100% CGT exemption capped at 50%, establishing a 12% baseline CGT on EOT exits. |
| SDLT Higher Rates (Second Homes) | Immediate (Oct 31, 2025) | Stamp Duty Land Tax surcharge on additional dwellings increased from 3% to 5%. |
| Transferable APR & BPR Allowance | April 6, 2026 | £1m 100% relief allowance made fully transferable between spouses/civil partners; 50% relief above £1m. |
| Dividend Income Tax Rates | April 2026 | Basic rate rises to 10.75% (+2%); Higher rate rises to 35.75% (+2%); Additional rate to 41.35%. |
| Savings Income Tax Surcharge | April 2027 | 2% surcharge across all bands: Basic rate to 22%, Higher rate to 42%, Additional rate to 47%. |
| Pension Pots Brought into IHT | April 2027 | Unspent defined contribution pension pots brought into the scope of Inheritance Tax. |
| High-Value Property Annual Levy | April 2028 | £2m–£5m homes: £2,500/year; Properties exceeding £5m: £5,000/year. |
| Income Tax & NI Thresholds | April 2028/29 | Personal allowance freeze expires, returning to inflation-linked indexation. |
Preserved Exemptions: Crucially, the 7-year Potentially Exempt Transfer (PET) gifting rules, annual £3,000 gifting exemptions, normal expenditure out of income relief, and the 25% tax-free pension commencement lump sum (PCLS up to £268,275) remain entirely intact.
Macro Drag (Stephen Dowds, Co-CIO): UK state expenditure now represents nearly 45% of GDP with the tax burden at a post-war high of 38%. We advise clients to optimize asset location and cash liquidity structures promptly before additional phased thresholds take effect.
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