The story so far
written Oct 27What is happening
Chancellor of the Exchequer John Healey MP presents the 2026 Budget on Wednesday, 28 October 2026, determining the immediate tax burden for the banking and gambling sectors 1. The fiscal statement arrives as HM Treasury reports that total corporate tax receipts, including the bank surcharge and residential property developer tax, increased during the 2025-26 tax year 1. The government previously reported six interest rate cuts since the general election, though HM Treasury noted in August 2026 that Middle East conflict continues to pressure energy markets and supply chains 2.
What to watch
A vote in Parliament to approve the budget and the publication of the official budget statement by HM Treasury would confirm the final fiscal measures. The Office for Budget Responsibility (OBR) is scheduled to release an updated fiscal outlook alongside the budget presentation on 28 October 2026 1.
A new remote betting rate of 25% is scheduled for introduction on 1 April 2027, while remote bets on UK horse-racing are set to remain at 15% 6. The implementation of announced fiscal measures, such as changes to the bank surcharge, and the subsequent release of the first fiscal impact report by the Office for National Statistics would establish the long-term effect of these policies.
Read the full brief · how we got here
How we got here
The UK economy was the fastest growing in the G7 during the first quarter of 2026, and annual borrowing was £20 billion lower than the previous year 2. Legislation in the Finance Bill 2025-26 already increased the Remote Gaming Duty from 21% to 40% on 1 April 2026, the same date the government abolished Bingo Duty 6.
HM Treasury is currently reviewing a consultation published 14 July 2026 regarding the modernization of payment services 3. The proposal suggests moving toward a model led by the Financial Conduct Authority (FCA) to address tokenized payments and artificial intelligence 3.
References · 4
- 1taxscape.deloitte.com — Monthly Tax Update – October 2026 | TaxScape | Deloitte | Deloitte
- 2gov.uk — Annual Report and Accounts of HM Treasury - Year to the 31 March 2026 - GOV.UK
- 3skadden.com — HM Treasury Proposes Major Overhaul of UK Payments Regulation | Skadden, Arps, Slate, Meagher & Flom LLP
- 6gov.uk — Changes to Gambling Duties - GOV.UK
What would close this
0 of 4 metTimeline
1newest firstWhen we started following: Chancellor Healey to present UK Budget on Oct. 28 as gambling tax hikes and bank surcharge data take focus
Chancellor of the Exchequer John Healey MP is scheduled to present the 2026 Budget on Wednesday, 28 October 2026 1. The announcement will be accompanied by an updated fiscal outlook from the Office for Budget Responsibility (OBR) 1. This follows a year where the UK economy was the fastest growing in the G7 during the first quarter, and borrowing was £20 billion lower than the previous year 2.
Gambling and Corporate Taxation Legislation in the Finance Bill 2025-26 is set to implement significant changes to gambling duties. The rate of Remote Gaming Duty increased from 21% to 40% on 1 April 2026, the same date Bingo Duty was abolished 6. A new remote betting rate of 25% is scheduled for introduction on 1 April 2027, though remote bets on UK horse-racing will remain at 15% 6. Recent HMRC statistics show an increase in total corporate tax receipts, which include the bank surcharge and residential property developer tax, for the 2025-26 tax year 1.
Regulatory and Fiscal Context HM Treasury is currently reviewing a consultation published 14 July 2026 regarding a modernization of payment services regulation, proposing a shift toward an FCA-led model that accounts for tokenized payments and AI 3. While the government reported six interest rate cuts since the general election, HM Treasury noted in August 2026 that conflict in the Middle East continues to pressure energy markets and trade supply chains 2.