Autumn Budget 2026: what might be next for private clients?

The recent changing of the guard at the top of government has inevitably created renewed uncertainty for private clients and their advisers. At a time when the sweeping inheritance tax reforms introduced by the Finance Act 2026 are already reshaping succession planning, many will be wondering whether the Autumn Budget could introduce yet more change on this front.

The story so far

The overhaul of the ‘non dom’ tax rules from April 2026, a cap on Agricultural Property Relief (APR) and Business Property Relief (BPR) since April 2026, and the bringing of unused pension wealth within the scope of inheritance tax (IHT) from April 2027, have fundamentally altered the estate planning landscape for many affluent families. This continues to drive behavioural change, with a significant upswing in lifetime gifting and use of trusts and other structures designed to pass on family and business wealth within a controlled and protective environment.

From April 2027, unspent pension wealth passing on death will become part of the inheritance tax calculation on death. Whilst this upcoming change to the tax treatment of pensions is already baked in, the regulatory framework to underpin this is a work in progress. As well as significantly increasing the inheritance tax burden for many families, there is concern that the proposed manner of implementation of this measure will pose an unwieldy and overly onerous administrative burden and potential liquidity challenges for personal representatives who are responsible for administering the estate and paying over the correct amount of tax.

For a more detailed look at the practical implications of these reforms, see our briefing: Pensions and Inheritance Tax: navigating a complex new landscape.

What else might the Autumn 2026 Budget bring?

Several themes are emerging from market commentary. External commentators have speculated about ongoing reforms to wealth taxation such as extending the reach of inheritance tax still further, capital gains tax hikes, scrutiny of perceived tax advantages enjoyed by wealth-holding structures, and adjustments to the operation and extent of the new high-value property surcharge (the so-called "mansion tax"). 

Ongoing speculation around these recurring themes means that the Budget is likely to attract close attention from private clients and their advisers.

However, equally important is what may not happen. There may be limited political appetite for another major restructuring of the inheritance tax regime so soon after the last wave of changes. Many advisers will be hoping instead for a period of stability that allows families and businesses to plan with greater certainty.

The reality is that trying to second-guess the next Budget is a risky exercise, as is putting estate planning on hold on the basis that there might be further changes.

• The most significant risks and planning opportunities are linked to measures already in train rather than hypothetical future reforms.
• Reviewing wills, trusts, succession plans, pension arrangements and ownership structures to ensure appropriate succession provisions are in place, and to optimise the exemptions, allowances and reliefs that can significantly mitigate future inheritance tax, remain a far more productive than trying to predict the Chancellor's next move.
• As ever, the most successful planning strategies are those built around long-term family objectives rather than short-term political speculation.

Watch this space

At Irwin Mitchell, our specialist teams are laser focused on translating complex legislative detail into practical action, facilitating up to the minute and agile advice relevant to those affected by ongoing seismic shifts in the tax landscape and driving the conversation in this space. 

As the Autumn Budget approaches, we will continue to work closely with colleagues across multiple disciplines as well as with our clients and professional connections to provide timely insight into what it all means in practice.