UK Autumn Budget 2025: Ryan Experts Weigh In on Tax, Investment, and Pension Reforms

The UK Autumn Budget delivered a series of tax and regulatory changes that will impact compliance, investment, and business planning in the years ahead. Key announcements include HMRC enforcement measures expected to raise £2.3 billion by 2029–30, a three-year stamp duty exemption to encourage stock exchange listings, an advance assurance service for research and development (R&D) tax relief, and a new cap on pension salary sacrifice.

Experts from Ryan provide their take on what these changes mean in practice, covering compliance risks and the implications for employers and savers.

HMRC’s Expanded Compliance Powers

Tom Shave, President of European and Asia-Pacific (EAP) Operations at Ryan, said: “Targeting fraudulent businesses and giving HMRC stronger compliance powers is the right focus, but the real test will be in delivery. The budget includes a wide-ranging package of administration, compliance, and debt-collection measures, estimated to raise £2.3 billion by 2029–30. These measures aim to tackle the tax gap, from multinational transfer pricing to fraud in construction, building on recent recoveries of unpaid taxes.

“The key question is whether these measures will actually deliver. Historically, enforcement initiatives rarely raise the full amounts projected, so businesses will be watching closely for clarity on implementation and to ensure legitimate companies are not unduly burdened while the system focuses on the bad actors.”

Three-Year Stamp Duty Exemption Aims to Boost London Listings

Justin Arnesen, Principal, EAP Innovation Funding at Ryan, said: “Chancellor Rachel Reeves says the government wants to make the UK the best place in the world for businesses. As part of this, she announced a three-year stamp duty exemption for investors in companies that choose to list on the London Stock Exchange, a welcome step to support the city and encourage new listings.

“However, her broader growth strategy continues to rely heavily on infrastructure investment, an approach that has struggled to deliver the expected results in the past. It remains to be seen whether this time the strategy will be more effective or if businesses will need additional measures to drive sustainable growth.”

Targeted Advance Assurance Service for R&D Relief

Nigel Holmes, Director of R&D at Ryan, said: “We welcome the government's announcement of a targeted advance assurance service for R&D tax relief. This initiative could provide much-needed clarity for small and medium-sized businesses navigating complex R&D tax relief claims.

“However, the success of this service will depend entirely on the quality of its implementation. It is crucial that HMRC staff are fully trained to understand R&D tax relief and its nuances. Without this foundation, even the best-intentioned service risks creating more confusion rather than the clarity businesses desperately need. It must not repeat the failings of the past.”

Pension Sacrifice Cap Adds Pressure on Savers and Employers Alike

Jenny Batchelor, Principal in Corporate Tax at Ryan, said: “Capping the pension salary sacrifice sends entirely the wrong signal at a time when the UK needs to be encouraging long-term saving. Reducing the incentives for people to put money aside will only deepen future pressures on retirement incomes. If fewer workers are able to build meaningful private pension pots, the burden on the state will become even heavier in the years ahead.

“Rather than disincentivising saving, the government should be supporting individuals to take greater responsibility for their financial futures. Businesses will also face higher payroll costs and added administrative complexity, making this yet another burden on employers at a challenging economic time.”

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