Autumn Budget 2026: Final Landlord Preview

Chancellor John Healey delivers his first Budget this Wednesday, 28 October. Two days out, the useful exercise for landlords isn't guessing what will be in it. It's sorting what you already know for certain from what's genuinely still open, so you don't end up reacting to a headline on Wednesday that turns out to be speculation dressed up as news.

We ran a longer preview of this Budget back in August. Since then the fiscal backdrop has shifted and a few more things have been confirmed, so here's where things actually stand now.

The Backdrop Has Got Harder for the Treasury

Two things have moved since August that matter for how much room Healey has to work with, even if neither is a landlord-specific policy.

Government borrowing costs have spiked. The 30-year gilt yield touched just over 6% on 1 October, its highest level since 1998, before easing back to around 5.76% by 23 October. The 10-year gilt hit 5.51% on 8 October, a level not seen since July 2007, also easing slightly since, to around 5.4%. Higher borrowing costs squeeze the Treasury's fiscal headroom directly, because more of every pound borrowed goes on servicing existing debt. That's relevant background for any Budget, because tighter headroom tends to make revenue-raising measures more likely, not less.

Inflation has picked up. September's Consumer Prices Index came in at 3.5%, up from 3.1% in August, with the core measure (stripping out food and energy) at 2.8% and services inflation at 3.7%. None of this is a landlord policy either, but it narrows the Chancellor's options: a Budget that's seen as loosening the purse strings into rising inflation carries its own risk, which again tends to point toward tax rises rather than giveaways.

Frequently Asked Questions

When is the Autumn Budget 2026 and who is delivering it?

Wednesday 28 October 2026. It is Chancellor John Healey's first Budget, under Prime Minister Andy Burnham.

Is Capital Gains Tax changing for landlords at this Budget?

Nobody outside the Treasury knows yet. The current rates are 18% within the basic rate band and 24% above it, with a £3,000 annual exempt amount. There is active commentary about possible changes to how CGT applies on death or inherited property, but nothing has been confirmed or ruled out. Treat any specific prediction as speculation until the Budget documents are published.

Has the property income tax rise for April 2027 been affected by anything in this Budget?

No. The rise to 22%, 42% and 47% on rental profits from 6 April 2027 was legislated in the Finance Act 2026 and received Royal Assent in March. The October Budget cannot undo that without fresh legislation, and nothing suggests the government intends to.

Is the mansion tax threshold being cut from £2 million to £1.5 million?

This is speculation, not a confirmed change. The High Value Council Tax Surcharge is already locked in from April 2028 at the £2 million threshold agreed in the 2025 Budget and consulted on through July 2026. A lower threshold has been floated by commentators but not announced by government.

What should I do before 28 October if I am planning a sale or restructuring?

If the outcome genuinely depends on something unconfirmed, such as CGT or Section 24, and your timeline allows it, waiting for the Budget documents is more sensible than acting on a prediction. If it depends on something already settled, such as the 2027 income tax rates, there is no reason to wait.

Budget Wednesday: What Landlords Should Watch For on 28 October