What is Autumn Budget? UK Definition 2026/27
Quick Answer
The UK government's annual financial statement typically delivered in late October/November.
Definition of Autumn Budget
The Autumn Budget (previously Autumn Statement) is the UK government's main fiscal event where the Chancellor of the Exchequer announces tax changes, spending plans, and economic forecasts. Since 2017, major tax changes are typically announced in the Autumn Budget.
The Office for Budget Responsibility (OBR) provides independent economic and fiscal forecasts alongside the Budget. Tax changes announced in the Budget may take effect immediately, from the following April, or at a later specified date.
Recent Autumn Budgets have introduced significant changes including the Corporation Tax rise to 25%, changes to the Personal Allowance freeze, National Insurance rate adjustments, and various allowance reductions. The 2024 Autumn Budget notably increased employer National Insurance and reduced various allowances.
Autumn Budget — Key Facts for 2026/27
| Typical Date | Late October/November |
| 2024 Budget Date | 30 October 2024 |
| Effect of Changes | Usually from 6 April |
| OBR Forecast | Published alongside |
How Autumn Budget Works — Example
- 1Employer NI increased: 13.8% to 15%
- 2Employer NI threshold reduced: £9,100 to £5,000
- 3Cost to employer per £50k employee: ~£900/year extra
- 4Personal Allowance freeze extended to 2028
- 5Fiscal drag: More people in higher tax bands
How Autumn Budget Affects Your Tax
Budget announcements directly affect your tax bill. Staying informed helps you plan - for example, bringing forward planned expenditure before tax rises, or timing pension contributions around threshold changes. The frozen Personal Allowance through fiscal drag moves more income into taxable bands each year.
Official HMRC Guidance on Autumn Budget
For official guidance, refer to HMRC's documentation. Tax rules can change, so always verify current rates and thresholds on gov.uk.
Gov.uk: Autumn BudgetFrequently Asked Questions about Autumn Budget
Related Tax Terms
Personal Allowance
The amount you can earn tax-free each year - £12,570 for 2026/27.
Income Tax
Tax paid on your earnings, pensions, and other income at 20%, 40%, or 45%.
National Insurance
Contributions paid by employees and employers that fund state benefits.
Corporation Tax
Tax paid by UK limited companies on their profits at 19% or 25%.
Capital Gains Tax
Tax on profit when you sell or dispose of an asset that has increased in value.
Accuracy Note
This information is for guidance only and is based on 2026/27 tax year rates. Tax rules are complex and your circumstances may differ. For personal advice, consult a qualified accountant or tax adviser.