Pre-Budget roundup: certainty, investment and the decisions ahead
Spencer West partners have shared their thoughts ahead of the 2026 Autumn Budget, due to be delivered on Wednesday 28 October. Across business taxation, employment and immigration, property, and inheritance, nine partners set out their priorities for the Budget to address – focusing on certainty to invest, recruit, buy and sell property, and plan for the next generation.
Business growth and simplifying tax
For Natalie Knight-Wickens, support for growth starts with rewarding those who build and acquire businesses.
“They do not expect government to remove risk, but there is a need to stop making entrepreneurship harder than it needs to be. This means a tax system that rewards people for building and selling businesses.”
On Business Asset Disposal Relief, Natalie says there needs to be a greater incentive for those taking a financial risk to build their businesses.
“If the reward for making personal sacrifice and taking financial risk is steadily eroded, it should be no surprise if fewer people decide to build, invest in or acquire businesses.”
“Acquisitions protect jobs, support succession and give businesses with promise the funding and guidance to continue their growth story.” Her overriding priority is stability: “The most valuable thing a Chancellor can give business owners is certainty.”
Bina Gayadien, whose practice covers personal tax and global mobility, also links investment confidence to a simpler, more predictable tax system.
“The tax administration burden on businesses and individuals has increased, diverting time and resources from investment and growth. The Budget should simplify reporting requirements, improve HMRC guidance and digital services, and give businesses and individuals sufficient notice of tax changes.”
Bina’s comments welcome reassurance against further capital gains tax rises and identify a possible increase in the corporation tax surcharge paid by banks as a revenue-raising option. She also wants support for recruitment.
“As businesses increasingly use AI instead of hiring for entry-level roles, Government support should encourage employers to invest in sustainable jobs and help more young people enter the workforce.”
“While tax increases may be unavoidable, what businesses need from this Budget is stability and clarity, allowing them to invest with long-term vision and confidence.”
Employment, skills and immigration
Turning to the practical pressures on employers, employment and immigration partner Jasmin Dhillon says tribunal funding needs to keep pace with workplace reform, including a shorter unfair dismissal qualifying period and longer time limits for certain claims.
“Without meaningful investment in tribunal resources, both employees and employers will inevitably face longer waits for their cases to be determined. Delayed hearings undermine access to justice for claimants, whilst prolonged uncertainty creates considerable cost and operational pressures for businesses.”
Jasmin also warns that longer claim deadlines and Acas early conciliation periods extend uncertainty for employers. Recruitment confidence is equally important.
“Employers need certainty if they are to invest in growing their workforce, and any measures that reduce the cost and complexity of hiring, encourage skills development and support workforce agility would be welcome.”
“Whilst larger employers may be able to absorb increased compliance obligations and litigation risk, smaller businesses are far more likely to feel the impact, potentially making them more cautious about recruitment.”
Read Jasmin’s comments in Personnel Today.
Lawrence Lupin extends the workforce discussion to international recruitment and proposed earned settlement reforms.
“The Government’s desire to control immigration and invest in the domestic workforce is understandable. But that should not come at the expense of businesses that need to recruit internationally to fill genuine skills gaps. Effective immigration control and economic growth are not mutually exclusive.”
Lawrence also highlights the existing burden on sponsors.
“In my experience of advising businesses and employers, the costs and complexity of sponsorship are already significant. Businesses need certainty if they are to plan ahead, recruit the people they need and invest in their future.”
“Many overseas workers have built their lives and careers in the UK, while their employers have invested considerable time and resources in recruiting and training them. Any changes to the settlement rules need to take account of both.”
Property, transactions and the high street
In residential property, Lisa Wilson describes a market still waiting for renewed momentum.
“The widely-hoped ‘Autumn Bounce’ for the UK property market has failed to materialise. Buyers remain cautious, mortgage products are rapidly changing, and transactions are being delayed to the point where this can no longer be viewed as a seasonal slowdown.”
Lisa’s comments link that caution to deferred decisions around the 2025 Budget and higher mortgage rates following the outbreak of war in Iran. She also points to investment properties remaining unsold after landlords sought possession ahead of the abolition of no-fault evictions from 1 May 2026. Her proposed response is targeted stamp duty reform.
“I would welcome reform to Stamp Duty in the 2026 Budget in the form of reduced rates for Additional Properties to help restore liquidity. This would bring new investors to the market who are entering with 2026 laws and taxation already in place, rather than having to adjust existing plans retrospectively.”
“In any market, buying property should be viewed as a long-term investment to weather inevitable political storms.”
Read Lisa’s comments in Landlord Today, Estate Agent Networking, Property118, PBC Today
Michael Shapiro shares the concern about stalled transactions.
“Unfortunately, yet again we are facing uncertainty leading to low confidence and a slowdown in transactions.”
While his comments note speculation that capital gains tax may remain unchanged, he warns that alternative measures could encourage wealthy individuals to leave the UK or defer corporate and property disposals, reducing receipts. He does not expect a major stamp duty overhaul, but raises the possibility of a mansion tax threshold falling from £2 million to £1.5 million and higher tax on individual buy-to-let investors’ property income.
For the high street, he proposes a specific intervention.
“In terms of saving our much-loved high streets that continue to be in decline – the Chancellor must cut business rates for retail shops. This revenue could be funded by the online retailers who do not occupy these spaces.”
Inheritance, farming and long-term succession
For families planning wealth transfers, Sangeeta Rabadia says inheritance tax remains the central concern.
“Attention will remain fixed on the operation of the new rules affecting pension wealth, agricultural property relief (APR) and business property relief (BPR). Advisers will be looking for clarification on the taxation of pension death benefits and whether additional transitional measures will be introduced to alleviate complexity and compliance burdens.”
Sangeeta also ponders whether the change in Prime Minister and recent Conservative party promises will influence private wealth policy, while potential changes to trust taxation, the nil-rate band and the residence nil-rate band continue to worry clients.
“More broadly, the Budget may provide an indication of whether wealth transfer taxation is entering a period of continued tightening or a more politically contested phase.”
“Currently advisors are struggling to provide the certainty that clients need and the Autumn Budget will need to deliver the assurance needed to promote confidence in generational wealth planning.”
Agricultural real estate partner Samantha Leigh sees those succession concerns playing out in farming businesses.
“The debate here is less about the IHT payable when a farmer dies, but more about how the changes are already influencing investment decisions, succession planning, and future viability of farming businesses.”
Her comments refer to the £2.5 million allowance for qualifying agricultural and business property from April 2026, combined allowances of up to £5 million for married couples and civil partners, and unused pension funds and death benefits becoming liable for inheritance tax from April 2027. She warns that asset-rich, cash-poor farms may have to be sold to meet liabilities.
Samantha says the effect on investment is already visible.
“The uncertainty has meant that farmers have been actively devaluing their businesses to reduce the exposure.”
Samantha describes reduced spending on food production, countryside upkeep, staff and diversification, and hopes the Budget will remove the changes or raise the threshold.
“Farming families need clarity and a framework that recognises the difference between the paper value of their land and the income it actually produces.”
Read Samantha’s comments in The Scottish Farmer and Today’s Wills and Probate
Hudda Morgan brings together inheritance, social care and business succession, with a call for fair transitions.
“People make decisions about pensions, homes, family businesses and farms over a lifetime. Changes to inheritance tax can upend those decisions with little chance to adjust. Rules will evolve, but should include fair transitional arrangements.”
Hudda also raises fairness questions around reliefs for direct descendants and safeguards for downsizing. On care costs, she proposes a more predictable settlement.
“I would welcome a ring-fenced contribution towards long term care, provided it secures a clear entitlement to good quality care and protects the remainder of people’s estates. People should be able to plan confidently, not fear a lifetime’s saving vanishing within a couple of years.”
Her business priorities include simpler taxes, grants and mentoring, and succession rules that protect viable enterprises.
“Passing on a viable business should not endanger it or its jobs.”
Read Hudda’s comments in Today’s Wills and Probate.
