On 26 November 2025, the UK Chancellor delivered the Autumn Budget 2025, setting out tax and spending plans intended to raise additional revenue and “protect strong public services”. The measures below are those most relevant to individuals, families and trustees, based on the Budget documents and HMRC policy papers published on GOV.UK.
This summary is for general information only and does not constitute tax advice.
1. Income Tax and National Insurance Thresholds
The Budget confirms that the main UK income tax thresholds will remain frozen until the 2030/31 tax year. In simple terms, this means:
- Personal allowance: stays at £12,570
- Higher-rate threshold: stays at £50,270
- Additional-rate threshold: stays at £125,140
- National Insurance thresholds are also frozen to the same date
Because wages and pensions are likely to rise over time, more people will gradually be pulled into paying tax, or into higher tax bands – a phenomenon often referred to as “fiscal drag”.
2. Inheritance Tax (IHT) Thresholds
The current IHT allowances are also frozen for longer:
- Nil-rate band: remains £325,000
- Residence nil-rate band: remains £175,000 (where conditions are met, e.g. a home left to children or grandchildren)
These thresholds will now stay unchanged until at least 2030/31. With property and asset values rising over time, more estates will drift into the IHT net unless planning is done in advance.
3. Dividend Tax Rates
From 6 April 2026, tax on dividend income will increase for basic and higher-rate taxpayers:
- Basic-rate dividend tax: rises from 8.75% to 10.75%
- Higher-rate dividend tax: rises from 33.75% to 35.75%
- Additional-rate dividend tax: stays at 39.35%
The dividend allowance (currently £500) is unchanged. However, anyone receiving significant dividends outside ISAs or pensions will see a higher annual tax cost from 2026/27 onwards.
4. Tax on Savings and Property (Rental) Income
From 6 April 2027, the UK will:
(i) Increase tax on savings income by 2 percentage points across all bands:
- Basic rate: 22% (up from 20%)
- Higher rate: 42% (up from 40%)
- Additional rate: 47% (up from 45%)
The personal savings allowance (£1,000 for basic-rate / £500 for higher-rate taxpayers) and the 0% starting rate for savings remain in place.
(ii) Create separate tax rates for UK property income (e.g. rental income) in England, Wales and Northern Ireland:
- Property basic rate: 22%
- Property higher rate: 42%
- Property additional rate: 47%
In effect, tax on rental income for individuals increases by 2 percentage points, and finance cost relief for individual landlords will be given at the new 22% “property basic rate”.
These changes are designed to reduce the gap between tax on “income from work” and tax on “income from assets”.
5. High Value Council Tax Surcharge (“Mansion Tax”)
From 2028–29, a new High Value Council Tax Surcharge will apply to residential properties in England worth £2 million or more (at 2026 values). Key points:
- Only an estimated fewer than 1% of properties will be in scope.
- The surcharge will be in addition to normal council tax.
- Annual charges will start at £2,500 and rise to £7,500 for properties valued above £5 million.
- The charge will be levied on owners, not occupiers.
- Local authorities will collect it on behalf of central government.
The detailed rules, including valuation points and any reliefs, will be consulted on in 2026.
6. ISA Allowance – Cash Cap
From 6 April 2027:
- The overall ISA allowance remains £20,000 per tax year.
- For most savers under 65, the maximum that can be placed into cash within that £20,000 will be £12,000. Any additional ISA subscription (up to £20,000 total) will need to go into a stocks and shares ISA or other permitted ISA types.
- Savers aged 65 and over will still be able to place up to the full £20,000 into cash ISAs.
The stated policy aim is to encourage more long-term investment in productive assets, while still preserving a tax-free cash savings option.
7. Trust Charges for Pre-30 October 2024 Excluded Property Trusts
A significant change for historically non-dom families is the introduction of a cap on IHT “relevant property” charges for certain offshore trusts.
For trusts that held “excluded property” on 30 October 2024 (broadly, non-UK assets settled by non-UK-domiciled individuals before the move to the residence-based regime):
- The total 10-year anniversary and exit charges on the formerly excluded property will be capped at £5 million per trust for each 10-year cycle.
- The cap applies only to property that was excluded property on 30 October 2024 and remains non-UK-situated at the time of charge.
- The measure has retrospective effect from 6 April 2025.
This is a targeted “safety valve” for very large historic structures: it does not remove IHT entirely, but it limits the maximum periodic and exit charges under the new residence-based IHT regime.
8. Voluntary National Insurance Contributions (NICs) While Abroad
The government is tightening the rules on building up UK State Pension entitlements from overseas:
- From 6 April 2026, access to pay voluntary Class 2 NICs while abroad will be removed.
- The minimum UK residency or contributions requirement for making voluntary NICs from overseas will be increased to 10 years.
- A wider review of voluntary NICs will be launched, with a call for evidence expected in 2026.
In practice, this means individuals who only spent a short period in the UK will no longer be able to buy a full UK State Pension cheaply by paying low-rate Class 2 NICs from abroad.
9. Cryptoasset Reporting – More Data to HMRC
The UK is implementing the OECD Cryptoasset Reporting Framework (CARF) and extending it to UK residents.
Key features:
- From 1 January 2026, UK-based Reporting Cryptoasset Service Providers (RCASPs) (e.g. exchanges and certain platforms) must collect detailed data on their users and transactions.
- Providers will need to identify which users are UK tax residents (or residents in other jurisdictions implementing CARF).
- The first reports must be submitted to HMRC by 31 May 2027, covering the 2026 calendar year.
- Budget 2025 confirms that RCASPs must report not just on non-UK residents (for international exchange), but also on UK-resident customers to HMRC.
Practically, HMRC will start receiving automatic data on crypto transactions in 2027 and will be able to cross-check this against self-assessment returns.
10. International Real Estate Transparency
The Budget confirms that the UK intends to participate in a new international agreement for real estate transparency.
- The agreement is designed to tackle tax evasion involving real estate.
- It will allow for the automatic exchange of readily available information on real estate between participating tax authorities.
- The first exchanges are expected from 2029 or 2030.
Details are still to come, but over time we should expect greater information sharing about property ownership and use across borders, similar in spirit to CRS for financial accounts.
11. Anti-Avoidance and Technical Changes
The Budget and supporting documents also trail a number of more technical measures, including:
- Inheritance Tax anti-avoidance rules targeted at non-long-term UK residents and certain trust structures, closing perceived loopholes in the new residence-based regime.
- Ensuring UK agricultural land and buildings are treated as UK-situated assets for IHT purposes, even if held via non-UK entities (i.e. looking through certain offshore structures).
- Technical amendments to the residence-based tax regime introduced by Finance Act 2025, to correct anomalies and refine how the rules operate in practice.
At this stage, the detail sits largely in policy papers and OOTLAR notes; draft legislation in the next Finance Bill will be critical for precise impact analysis.
What Does This Mean for Asian HNW Families?
While these measures are broad-based, some groups within the Asian HNW community are likely to feel particular effects.
1. BN(O) Visa Holders Residing in the UK
For BN(O) families already UK-resident:
- Frozen thresholds mean more income pulled into higher-rate tax over time, especially for those with growing UK employment or business income. Planning around pension contributions, use of both spouses’ allowances and ISAs becomes more important.
- Higher dividend, savings and property tax rates will hit families relying on portfolio income or buy-to-let property to fund living costs in the UK. Re-balancing portfolios into tax-efficient wrappers and considering ownership between spouses or family members may help.
- IHT threshold freezes increase the long-term importance of early estate planning, particularly for London property owners and those with wealth in both the UK and Asia.
- For some BN(O) clients who previously considered returning to Hong Kong or elsewhere in Asia, the combination of higher ongoing taxes and the new residence-based IHT system may prompt a renewed review of their long-term UK plans.
2. Non-Resident Investors in UK Residential Property
For non-resident individuals and structures holding UK residential property:
- The High Value Council Tax Surcharge from 2028 will add a recurring cost for properties worth over £2 million in England, on top of existing council tax, ATED (if applicable), income tax on rents and CGT/SDLT.
- The 2-point increase in tax on property income (for those taxed as individuals) and higher tax on savings/dividends (for portfolio structures) will gradually reduce post-tax returns.
- The move towards greater international real estate transparency signals that holding UK property via opaque offshore vehicles will carry increasing compliance and reputational risk, even if the tax result itself is unchanged.
3. Historical Non-Doms with Pre-30 October 2024 Excluded Property Trusts
For families who settled excluded property trusts before 30 October 2024, the picture is nuanced:
- The new £5 million cap on relevant property charges per 10-year cycle offers meaningful protection to very large, long-established trusts. It can make remaining UK-resident more palatable for some families who were otherwise considering relocation purely for IHT reasons.
- However, this cap does not reverse the broader move to a residence-based IHT system. Long-term UK residence still carries exposure to IHT on personally held non-UK assets, and careful coordination between trust and personal planning is still essential.
- The detailed trust calculations under the new regime remain complex; families should expect ongoing modelling of periodic and exit charges, and potentially restructuring where assets or family circumstances have changed.
4. UK Residents with Offshore Structures (Trusts, Companies, Funds)
For UK-resident individuals using offshore structures:
- The Budget’s emphasis on simplifying offshore anti-avoidance rules and tightening IHT rules for non-long-term residents and trusts is a clear signal that the government will continue to refine and, where necessary, strengthen the rules around offshore planning and residence-based taxation.
- The combination of CARF crypto reporting, greater real estate transparency and enhanced HMRC powers over advisers and third-party data means that information flows to HMRC will only increase. Structures that rely on opacity rather than genuine commercial or family-governance rationales are likely to come under greater pressure.
- For well-run, commercially and family-driven structures, the main impact will be more complexity and reporting rather than automatic punitive taxation – but it will be important to revisit historic planning in light of the new residence-based regime, IHT trust changes and anti-avoidance tweaks once draft legislation is available.
英國 2025 年秋季預算案——與私人客戶相關的重點稅務措施
2025 年 11 月 26 日，英國財相發表《2025 年秋季預算案》，提出為增加稅收並「保障公共服務」的稅務與支出計劃。以下挑選出對個人、家庭及受託人最相關的措施，內容根據官方預算文件及 HMRC 發布的政策資料。
本摘要僅供一般資訊參考，並不構成稅務意見。
1. 所得稅與國民保險門檻
主要所得稅門檻將凍結至 2030/31 稅務年度：
- 個人免稅額：維持 £12,570
- 高稅率門檻：維持 £50,270
- 額外稅率門檻：維持 £125,140
- 國民保險門檻同樣凍結至相同日期
隨著薪金與退休金逐步上升，更多人會被推入需納稅或更高稅階，即所謂的「稅階拖累」。
2. 遺產稅（IHT）門檻
現有遺產稅免稅額同樣長期凍結：
- 基本免稅額：維持 £325,000
- 住宅免稅額：維持 £175,000（需符合條件，例如住宅留給子孫）
至少維持至 2030/31。隨物業及資產升值，若未及早規劃，更多遺產會落入 IHT 徵稅範圍。
3. 股息稅率
自 2026 年 4 月 6 日起，股息所得稅上調：
- 基本稅率：8.75% → 10.75%
- 高稅率：33.75% → 35.75%
- 額外稅率：維持 39.35%
股息免稅額（現為 £500）不變，但在 ISA／退休金之外收取大量股息者，2026/27 起年度稅負將提高。
4. 儲蓄及物業（租金）收入課稅
自 2027 年 4 月 6 日起：
（i）所有稅階的儲蓄收入稅率上調 2 個百分點：
- 基本稅率：20% → 22%
- 高稅率：40% → 42%
- 額外稅率：45% → 47%
個人儲蓄免稅額（基本稅率 £1,000／高稅率 £500）及 0% 起始稅率維持。
（ii）英格蘭、威爾斯及北愛爾蘭的物業收入（如租金）將設獨立稅率：
- 物業基本稅率：22%
- 物業高稅率：42%
- 物業額外稅率：47%
實際上，個人租金收入稅率增加 2 個百分點，房東的融資成本扣減按新的 22% 物業基本稅率計算；此舉旨在縮小「工作所得」與「資產所得」的稅差。
5. 高價住宅市政稅附加費（類似「豪宅稅」）
自 2028–29 年起，英格蘭估值達 £2,000,000 或以上（以 2026 年價值計）的住宅將被徵收附加費：
- 估計少於 1% 物業受影響。
- 屬在原有 council tax 之外的額外收費。
- 年費 £2,500 起，價值逾 £5,000,000 的物業可升至 £7,500。
- 向業主而非住戶徵收。
- 由地方當局代中央政府徵收。
細節（包括估值時間點及可能的寬免）將在 2026 年諮詢。
6. ISA 配額——現金上限
自 2027 年 4 月 6 日起：
- 整體 ISA 配額每年仍為 £20,000。
- 65 歲以下的大多數儲戶，在 £20,000 當中放入現金的最高額為 £12,000，其餘須投放於股票與基金 ISA 或其他准許類別。
- 65 歲及以上的儲戶仍可把全額 £20,000 投放於現金 ISA。
官方目標是鼓勵更多長線投資於具生產力的資產，同時保留免稅現金儲蓄選項。
7. 2024 年 10 月 30 日前設立的「除外財產信託」——IHT 收費上限
對於歷史上的非本土（non-dom）家族，政府為部分離岸信託引入 IHT「相關財產」收費上限。
若信託在 2024 年 10 月 30 日持有「除外財產」（大致為本土化制度前，由非英國本土人士投入的非英國資產）：
- 該等原除外財產的每個 10 週年及退出收費總額，上限為每信託每 10 年 £5,000,000。
- 上限僅適用於 2024 年 10 月 30 日屬除外財產且在收費時仍為非英國所在地的資產。
- 措施自 2025 年 4 月 6 日起追溯生效。
這是針對大型歷史架構的「安全閥」，不會完全免除 IHT，但限制了新居籍制下的定期與退出收費。
8. 在海外自願繳付國民保險（NICs）
政府收緊海外累積英國國家退休金的規則：
- 自 2026 年 4 月 6 日起，移除在海外繳付自願 Class 2 NICs 的資格。
- 在海外繳付自願 NICs 的最低英國居留或繳費年期提升至 10 年。
- 將展開更廣泛的自願 NICs 檢討，預計 2026 年徵求意見。
實務上，僅在英國逗留短時間的人，將無法再以低廉的 Class 2 NICs 從海外買入完整的英國國家退休金年資。
9. 加密資產申報——HMRC 將獲更多數據
英國將實施 OECD 的加密資產申報框架（CARF），並延伸至英國稅務居民。
重點：
- 自 2026 年 1 月 1 日起，英國的加密資產申報服務供應商（如交易所）須收集用戶及交易的詳細數據。
- 供應商需識別哪些用戶為英國稅務居民（或為實施 CARF 的其他司法管轄區居民）。
- 首份報告須於 2027 年 5 月 31 日前提交 HMRC，涵蓋 2026 曆年。
- 預算案確認，RCASP 需向 HMRC 報告英國及非英國居民客戶，以便國際交換。
實務上，HMRC 將自 2027 年起自動取得加密交易數據，並與自行申報交叉核對。
10. 國際房地產透明度
預算案確認英國計劃參與新的國際房地產透明度協議。
- 協議旨在打擊涉及房地產的逃稅行為。
- 將允許參與稅務機關間自動交換可得的房地產資訊。
- 首次交換預計自 2029 或 2030 年開始。
細節仍待公布，但類似金融帳戶 CRS，跨境房產持有與使用的資訊分享將逐步增加。
11. 反避稅與技術修訂
預算案及配套文件預告多項技術性措施，包括：
- 針對非長期英國居民及某些信託架構的 IHT 反避稅規則，以堵塞新居籍制下的漏洞。
- 確保英國農地及建築物在 IHT 下被視為英國本土資產，即使經非英國實體持有（會看穿特定離岸架構）。
- 對 2025 年財政法案引入的居籍制稅務框架作技術修訂，糾正不一致並優化實務運作。
目前細節主要載於政策文件與說明備忘錄，下一份財政法案的草案將是評估影響的關鍵。
這對亞洲高淨值家族意味著什麼？
雖然措施面向廣泛，但部分亞洲高淨值群體可能受影響更大。
1. 已在英國的 BN(O) 簽證持有人
對已在英居住的 BN(O) 家庭：
- 門檻凍結意味收入隨時間更易進入高稅率區間，特別是英國工作或業務收入增長者，更需重視退休金供款、夫妻免稅額及 ISA 的運用。
- 股息、儲蓄及物業稅率上升，將影響依賴投資組合收入或出租物業支付生活費的家庭；重新配置到稅務有效工具、考慮配偶或家族成員的持有安排可能有助。
- IHT 門檻凍結提升了及早遺產規劃的重要性，尤其是倫敦物業持有人及同時在英亞持有資產者。
- 對部分曾考慮回流香港或亞洲其他地區的 BN(O) 客戶而言，更高的持續稅負及新居籍制 IHT 或會促使他們重新檢視長期在英計劃。
2. 非居民持有英國住宅物業的投資者
對持有英國住宅物業的非居民個人或架構：
- 自 2028 年起的高價住宅附加費，將在現有 council tax、如適用的 ATED、租金所得稅及 CGT/SDLT 之外增加經常性成本。
- 租金收入稅率上調 2 個百分點（對個人納稅者），以及儲蓄／股息稅率上升，將逐步壓縮稅後回報。
- 愈趨透明的國際房地產信息共享，意味以不透明離岸工具持有英國物業的合規及聲譽風險上升，即使稅務結果本身未變。
3. 擁有 2024 年 10 月 30 日前「除外財產信託」的歷史非本土人士
對於該類家族，影響較為複雜：
- 每 10 年 £5,000,000 的相關財產收費上限，對極大型、歷史悠久的信託提供實質保障，可能令部分原本因 IHT 考慮而想遷離英國的家庭，更願意留英。
- 但上限並未逆轉居籍制 IHT 的方向。長期居英仍須面對個人持有非英資產的 IHT 暴露，需謹慎協調信託與個人規劃。
- 新制度下的信託計算依然複雜；家族應預期持續進行定期與退出收費模型，並在資產或家庭情況改變時考慮重組。
4. 在英居住並使用離岸架構（信託、公司、基金）的人士
對使用離岸架構的英國稅務居民：
- 預算案強調簡化離岸反避稅規則並收緊非長期居民與信託的 IHT 規定，顯示政府會持續檢視並在需要時加強相關規則。
- CARF 加密申報、房地產透明度提升，以及 HMRC 對顧問與第三方數據的更大權限，意味 HMRC 接收的信息只會增加。倚賴不透明而非商業或家族管治理由的架構將面臨更大壓力。
- 對於管理良好、具商業與家族驅動目的的架構，主要影響將是更多合規與申報，而非自動加重課稅；但仍需在草案法例出台後，根據新居籍制、IHT 信託變化及反避稅修訂，重新檢視歷史規劃。
