October Budget may raise taxes on pensions, savings and property
The upcoming Budget on 28 October 2026, to be delivered by Chancellor John Healey, is anticipated to include tax increases affecting pensions, savings, and property. Financial commentators have expressed concerns that the government may restrict tax-free pension withdrawals or increase capital gains tax rates on second homes, buy-to-let properties, and investments.
Previous speculation around pension tax changes in the 2024 and 2025 Budgets prompted investors to withdraw approximately £10 billion in tax-free cash from pensions, despite no actual policy changes materialising at that time. The Chancellor has signalled the Budget will be "tough" but has not disclosed specific measures. Industry figures have called for pre-Budget commitments to protect pension tax relief, though it remains unclear whether such assurances will be provided.
- October 28 Budget expected to include tax rises targeting pensions and property
- Speculation about restricting tax-free pension withdrawals and raising capital gains tax rates
- £10 billion pension withdrawals occurred in prior years following budget speculation
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Originally published by Daily Mail as “I fear this Budget will gun for our pensions, savings and homes: JEFF PRESTRIDGE reveals exactly what YOU can do about it”.