The National Institute of Economic and Social Research (NIESR) predict a £41.2bn deficit by 2029/301, suggesting the Chancellor may need to raise revenue through higher taxes. Their view is that ‘a moderate but sustained increase in taxes’ could be required.
That means areas such as pension tax relief, Income Tax thresholds, Capital Gains Tax and Inheritance Tax (IHT) may all be in scope. While no one can predict the exact announcements, taking stock now ensures you’re well positioned whatever comes.
Why forward planning matters
In later years, financial planning is about stability, confidence and legacy. Protecting the wealth you’ve built gives you peace of mind to enjoy your retirement, while ensuring your assets can be passed on in the way you want.
Practical steps to consider now
Ahead of the Budget, it may help to review:
- Pension arrangements – ensuring withdrawals are tax-efficient and sustainable
- Inheritance planning – reviewing how assets could pass to family or charities
- Capital gains – checking whether it makes sense to realise gains under current rules
- Use of allowances – from ISAs to dividend allowances, making the most of what’s available.
Responding to change with clarity
The Budget may bring adjustments, but the fundamentals remain – a clear, flexible plan supported by expert advice is the best way to stay secure.
Enjoy today, protect tomorrow
At this stage of life, the focus is on enjoying what you’ve built with confidence. By planning ahead and working with your financial planner, you can feel secure that your income is protected – and that the legacy you pass on will reflect your wishes, with the impact of unexpected tax changes minimised.
Remember, any changes announced on 26 November may not be implemented immediately, they could come into effect from the new tax year commencing 5 April 2026, or later.
1Niesr, 2025