Following a chaotic leadup, and an unprecedented accidental release of the Office for Budget Responsibility (OBR) forecast 35 minutes before the speech was delivered, Reeves outlined a series of tax changes as expected.

The government will introduce a High Value Council Tax Surcharge of £2,500 on owners of residential properties valued over £2m in England from 1st April 2028. This will rise to $7,500 for properties worth over £5m. This aims to raise £400m by 2028/2029.

Today, the government announced the rates for the permanently lower retail, hospitality and leisure (RHL) properties business rates multipliers, which will benefit over 750,000 RHL properties.

Small and standard RHL properties will pay the lowest tax rate since 1990-91 and 2010-11 respectively.

Tax rates on dividend and savings income will increase by two percentage points, from April 2026 and April 2027 respectively.

Specialist finance industry professionals had their say on the Autumn Budget 2025

Scott Clay, director at Together: “Confirmation of the mansion tax is really concerning to see. This is essentially an unfair ‘privilege’ tax for homeowners with properties worth £2m-plus, who will now have to pay an annual charge, for the home they already own. If the goal was to make winter feel even harsher, mission accomplished.

“Many recent buyers have already paid for the property, plus stamp duty, and now face an extra annual surcharge on top of council tax and mortgage payments. It’s unlikely the government will carry out any affordability checks, so lenders will need to factor this additional cost into mortgage assessments for homes above the threshold.

“Those hit hardest will be ‘empty nesters’ and people who bought their property decades ago simply as a family home, not as an investment. Asset-rich but cash-poor older homeowners could really struggle, as this tax could be equivalent to an entire year’s state pension.”

Jon Salisbury, CEO at Ortus Secured Finance: "By plugging the fiscal gap with a patchwork of tax hikes, the government has chosen complexity over fundamental reform.

"While avoiding a breach of manifesto pledges, this Budget represents a missed opportunity to overhaul the tax regime — specifically stamp duty, which continues to stifle mobility and productivity in the UK economy.

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"The introduction of the high-value council tax surcharge confirms the 'mansion tax' fears that have already cooled the prime market, likely freezing activity further. Similarly, the 2% hike in property income tax will almost certainly accelerate the exodus of small-scale landlords. As a lender, we expect this to fuel a shift toward corporate ownership in the rental market, but it creates short-term friction we could do without.”

Mark Harris, chief executive at SPF Private Clients: "As expected, the Chancellor introduced a ‘Mansion Tax’, imposing an annual levy on homes worth more than £2m, hitting London and the South East hardest.

"However, while a ‘Mansion Tax’ may be popular among Labour backbenchers, it will be difficult and time-consuming to implement, rather than a quick fix to the shortfall in the country’s finances. Properties will need to be valued and then homeowners are likely to challenge those valuations. Those living in large houses who have equity tied up in their homes but don’t have cash to spare to pay an annual tax will struggle to pay this levy and may choose to defer instead — resulting in less tax paid.”

Jason Tebb, President of OnTheMarket: “The additional tax on rental income is disastrous for landlords. After a decade of being squeezed by mortgage interest relief cuts, wear-and-tear allowance removal, SDLT surcharges, fiscal drag, and endless red tape, this move further erodes net yields, especially for highly leveraged landlords. This reform will simply see more and more landlords removing themselves from the PRS sector for a further squeeze on rental supply.”

Richard Sexton, commercial director at proptech surveyor portal Houzecheck: “A cut in stamp duty would have signalled government support for brokers, conveyancers and agents.  The new mansion tax signals precisely the opposite.”

Neil Rudge, chief banking officer for commercial at Shawbrook, commented: “This Budget was a balancing act driven by fiscal tightening, and for many mid-sized firms it will feel like one step forward, two steps back.

“We welcome the support for skills — specifically the commitment to make under-25 apprenticeships free for SMEs. This is a tangible investment in the future workforce and a clear signal of support for growth.

“However, this positive step is overshadowed by persistent cost pressures. The increase in the National Living Wage will immediately squeeze margins, and the new cap on National Insurance relief for salary-sacrificed pension contributions adds another layer of operational cost.

“While the Chancellor speaks of growth, the core operational demands of mid-sized firms — like relief on energy bills, accessing new markets, and business rates — were not substantially addressed.”

Tomer Aboody, director of specialist lender MT Finance: "Whereas the overall market reaction to the Budget hasn't been too negative, once again, any encouragement for the property market has not come.

"With transaction levels low, some assistance will be needed in order to increase buying and selling, and get the market really moving again. Let's see what 2026 brings and possibly an interest rate reduction early on will help with this."