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United Kingdom

MPs approve Budget resolutions raising taxes on big homes, banks and savings income

Approval of the 108 Budget resolutions sets the basis for Finance Bill 2026-27, affecting property, banking and capital gains taxation.

Photo: Ugur Akdemir, Unsplash

What happened

MPs approved the 108 Budget resolutions that will form the basis of Finance Bill 2026-27 after four days of debate. tax.org.uk The approved measures include a temporary increase in the banking surcharge from 3% to 6%. tax.org.uk Income tax rates for property and savings income, including 24%, 44% and 49% rates, were among the resolutions voted on. tax.org.uk A reduction of the Business Asset Disposal Relief lifetime limit from £1m was also approved. tax.org.uk The Finance Bill text was published on 4 November 2026 and had its First Reading in the House of Commons on 3 November 2026. deloitte.com

Around it

Seven Budget resolutions were formally divided on, with votes split along party lines and the government winning each by a margin of at least 150. tax.org.uk Some MPs welcomed the measures while others questioned whether the changes went far enough to support people and businesses. tax.org.uk HMRC published new and updated guidance on 2 November 2026 on treatment of failures to deduct UK interest withholding tax, introducing a formal treaty-relief claim process for payers. deloitte.com

Sources

  1. tax.org.ukMPs approve tax increases for big homes, banks, property and savings income
  2. deloitte.comBusiness Tax Briefing, 6 November 2026 | TaxScape | Deloitte

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