Episode Details

What to Expect in the November UK Budget — And 5 Tax Hikes Rachel Reeves Might Impose to fill her ‘BLACK HOLE’

As Chancellor Rachel Reeves prepares to unveil the November 2025 UK Budget, all eyes are on her to plug a fiscal black hole of £20–30 billion through tax rises and spending cuts. (Reuters) Despite Labour’s manifesto pledges not to increase income tax, National Insurance (NI), or VAT, Reeves has already hinted that taxes on the wealthy will “be part of the story.” (The Guardian) The Institute for Fiscal Studies warns against a “dash for revenue,” urging her to use smart, targeted reforms. (The Guardian).

Below are 5 likely tax rises she might deploy:

1. Capital Gains Tax (CGT) Increase or Removal of ReliefsReeves may bring CGT rates closer to income tax levels or abolish favourable reliefs, especially for high-value assets. (The Guardian)

2. National Insurance on Rental Income / Professional ProfitsApplying NI contributions to landlord earnings or profits from legal firms and consultancies is under consideration to broaden the tax base. (The Guardian)

3. Inheritance Tax (IHT) ReformsProposals include removing the residence nil-rate band, narrowing exemptions, and taxing agricultural estates more heavily. (The Guardian)

4. Cash ISA Allowance ReducedReeves could cut the tax-free cash ISA limit from £20,000 to £10,000 or restructure cushions to funnel savings into investments. (MoneyWeek)

5. Council Tax Surcharges & Higher BandsIntroducing surcharges on high-value properties or adding new bands (G/H) is on the table to raise billions without touching core rates. (Institute for Fiscal Studies)

What This Means for You

These tax changes could reshape property investing, retirement planning, and asset strategies. If you're a landlord, investor, or homeowner, now is the time to review your capital gains exposure, inheritance planning, and use of ISAs before the 26 November Budget drops.

Watch full video - https://youtu.be/jITL4nOmBEo

The Chancellor could also tinker with pension allowances and the tax free cash element of pension pots, which would be disastrous for savers approaching retirement age.

Watch our upcoming episode on the Charles Kelly Money Tips Podcast where I break down each tax move, what it m