{"id":127493,"date":"2026-10-24T07:30:00","date_gmt":"2026-10-24T06:30:00","guid":{"rendered":"https:\/\/en.econostrum.info\/uk\/?p=127493"},"modified":"2026-10-24T01:11:58","modified_gmt":"2026-10-24T00:11:58","slug":"john-healeys-budget-bombshell","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/uk\/john-healeys-budget-bombshell\/","title":{"rendered":"John Healey\u2019s Budget Bombshell: Taxes That Could Rise For Millions"},"content":{"rendered":"\n

The UK Government is preparing for a closely watched Budget as pressure grows on the public finances. Several tax changes are being considered that could affect households, businesses and wealthy taxpayers, with the Chancellor under pressure to raise revenue.<\/p>\n\n\n\n

Income Tax Thresholds Could Stay Frozen<\/h2>\n\n\n\n

The Government is expected to keep the income tax threshold freeze<\/strong> introduced in 2021. As wages rise, this can push more workers into higher tax bands.<\/p>\n\n\n\n

Earners approaching \u00a3100,000<\/strong> could also face higher effective tax rates as the personal allowance is withdrawn.<\/p>\n\n\n\n

Pension Pots Could Face Inheritance Tax<\/h2>\n\n\n\n

The Government is expected to proceed with plans to bring some pension pots into inheritance tax<\/strong>.<\/p>\n\n\n\n

The change could bring around 10,500 more estates<\/strong> into the tax system, while around 38,500 families could see their bills rise by an average of \u00a334,000<\/strong>.<\/p>\n\n\n\n

Mansion Tax Could Hit More Properties<\/h2>\n\n\n\n

A proposed mansion tax<\/strong> on properties worth more than \u00a32 million could be expanded.<\/p>\n\n\n\n

The original plans would charge between \u00a32,500 and \u00a37,500 a year<\/strong> and affect around 70,000 homes. Lowering the threshold to \u00a31.5 million could bring another 200,000 properties<\/strong> into the scheme.<\/p>\n\n\n\n

Changes to council tax and stamp duty are also being discussed.<\/p>\n\n\n\n

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Credit: Econostrum<\/figcaption><\/figure>\n\n\n\n

Capital Gains Tax Faces Further Scrutiny<\/h2>\n\n\n\n

Capital gains tax<\/a> currently reaches 24%<\/strong> for higher-rate taxpayers.<\/p>\n\n\n\n

Some tax experts have called for capital gains rates to move closer to income tax rates, a change estimated to raise almost \u00a320 billion a year by 2030<\/strong>.<\/p>\n\n\n\n

Healey is reportedly considering other changes instead, including removing the capital gains tax uplift applied when assets are inherited.<\/p>\n\n\n\n

Farm Tax Rules Could Change<\/h2>\n\n\n\n

Inheritance tax rules for farms and agricultural assets<\/strong> are also under review. Full agricultural property relief is limited to the first \u00a32.5 million<\/strong> of qualifying assets per person. Amounts above that threshold receive 50% relief and can face an effective inheritance tax rate of up to 20%.<\/p>\n\n\n\n

The Government has indicated that it wants further discussions with farmers.<\/p>\n\n\n\n

Gambling Tax Could Rise<\/h2>\n\n\n\n

Machine Games Duty <\/a>on fruit, slot and quiz machines could rise to 40%<\/strong>. EY estimates that the change could leave the Treasury \u00a3124 million worse off<\/strong>, while the Betting and Gaming Council has warned of possible losses of 16,000 jobs and 1,500 betting shops<\/strong>.<\/p>\n\n\n\n

Flutter has already announced plans to cut 1,400 jobs<\/strong> following earlier tax increases.<\/p>\n\n\n\n

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Seaside towns could be hit hard by a 40% Machine Games Duty rate.

BGC analysis suggests 1,761 jobs could be lost, alongside 244 betting shops and eight casinos.

That means fewer local jobs and more empty units in communities that can least afford them.#BackOurBettingShops<\/a>\u2026<\/p>— Betting and Gaming Council (@BetGameCouncil) October 22, 2026<\/a><\/blockquote>