UK Budget Special: 2025 Tax Changes, Non Dom Rules, IHT, Property, Dividends and What It Means For You
In this Budget Special of Not Just A Number, Kieron Clement-Smith is joined by SRLV partners Steven Wren and Janice Lloyd to break down every major tax change announced in the Chancellor’s 2025 Budget.
This is a must-listen episode for high-net-worth individuals, entrepreneurs, property owners, international clients, musicians, sports professionals, creatives and private families who need clarity on how the latest UK fiscal changes will impact their income, assets, business structures and long-term planning.
From the freezing of income tax thresholds and dividend tax rises, to sweeping changes for non doms, new mansion tax rules, complex shifts in inheritance tax, crackdowns on image rights, updates to salary sacrifice, electric vehicle road charges, property tax reforms, and new rules around trusts, pensions and EMI schemes.
If you want to know how the 2025 Budget influences your tax bill, your investments, your business, your estate planning, and your cross-border strategy, this is the episode to start with.
UK Budget 2025 Topics Covered:
* The accidental early release of the Budget report and its market impact
* Breakdown of the £26 billion in new tax rises and where it’s coming from
* The “Big Freeze” on tax thresholds and why fiscal drag hits middle earners and HNWIs hardest
* Dividend tax increases and what it means for entrepreneurs and OMBs
* 2 percent rises to property income, savings, and rental profit taxes
* Further tightening on landlords, SDLT and the push to cool the property market
* Deep dive on the new mansion tax (high value council tax charge) and its impact on homeowners across the UK
* What didn’t happen: inheritance tax reform, gift rule changes, and SDLT abolition rumours
* Major updates to business property relief and why farmers are protesting
* What the new rules mean for offshore trusts, relevant property charges and UHNW international families
* Big changes for non doms, FIG regime realities, and the lack of aligned visa pathways
* Tougher temporary non-resident rules for company dividends
* Salary sacrifice cap and how pension tax planning will shift
* Minimum wage and business rate changes hitting hospitality and retail
* The end of tax-efficient image rights structures in sport and entertainment
* EMI and EIS reforms - one of the few pieces of genuinely positive news
* HMRC’s long-term strategy and why the experts expect “years of hissing” ahead
Key Moments:
0:00 — Why Budget rumours and speculation damage business confidence
1:55 — The accidental early release of the Budget and why it was unprecedented
3:35 — Recap of last year’s major changes: CGT, SDLT, non dom regime overhaul
4:48 — Government strategy: announce rises early, implement them years later
5:30 — How Budget leaks created uncertainty in the property market and wider economy
6:54 — £26 billion tax rise explained and government fiscal headroom
7:45 — What wasn’t announced: inheritance tax, gifting rules, SDLT reform
9:59 — LLP national insurance rumours and why firms were concerned
11:40 — Exit tax fears and why many people considered leaving the UK
12:45 — FIG regime challenges and the lack of aligned visa routes
15:06 — The Big Freeze: tax thresholds frozen for a decade
16:21 — Why fiscal drag will push 25% of taxpayers into higher-rate status
17:46 — Dividend, savings and rental income tax rises
19:30 — How landlords and the property market are being targeted
20:54 — The mansion tax: charging homeowners £2.5k to £7.5k based on property value
22:04 — Impact on cash-poor but asset-rich homeowners
24:02 — Inheritance tax update: transferable £1m business/agricultural threshold
26:47 — Family businesses facing difficult succession decisions
27:58 — Offshore trust changes and who they really affect
29:04 — Pension salary sacrifice capped from 2029
31:09 — Business rates pressure and minimum wage impact on hospitality/retail
33:12 — Employee ownership trust relief cut to 50%
34:43 — New road charge: electric cars now paying 3p per mile
36:10 — Temporary non-resident rules tightened for company dividends
39:31 — Voluntary National Insurance contributions restricted for non-residents
40:22 — Image rights overhaul: payments now treated as employment income
42:25 — EMI and EIS changes: limits increased, VCT relief reduced
44:27 — Breakdown of where the £26bn tax rise is coming from
46:10 — “Is the UK goose hissing?” Reaction to the Budget
Prefer to watch? Head over to our YouTube channel [https://www.youtube.com/@SRLV-LLP] to watch the full episode.
Not Just a Number is a podcast for entrepreneurs, creatives and industry pioneers who want to grow businesses and protect what matters most to them and to their families.
Produced by SRLV - one of London’s leading boutique advisory firms - the show goes far beyond tax and accounting to bring a unique perspective on business, innovative thinking and leadership from the people shaping global industries, including music, entertainment, technology, consumer brands, and private wealth.
Each episode’s candid conversation focuses on personal stories, business strategies, top tips and trends - from scaling up companies and international relocations to creative rights and real-world business growth.
Whether they are clients or professional contacts, all our guests are friends of our business and so much more than “just a number”. People and relationships always come first at SRLV.
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