The National Institute of Economic and Social Research (NIESR) has forecast a £41.2bn deficit by 2029/301, suggesting higher taxes, spending cuts or borrowing may be needed. Their message is clear – the Autumn Budget could bring ‘a moderate but sustained increase in taxes.’
This could affect key areas such as pension tax relief, Income Tax thresholds, Capital Gains Tax, Inheritance Tax (IHT), Dividend Tax and business-owner tax planning. While we won’t know the details until Budget Day, reviewing your position now can help you make the most of current rules and be ready to adapt quickly.
Why forward planning matters
This stage of life often means thinking about more than just today’s income. It’s about ensuring your retirement will be well-funded and that your legacy is protected. Proactive planning gives you confidence that your pension, investments and savings are set up to support you in retirement while also being structured in a way that benefits your family in the future.
Practical steps to consider now
Ahead of the Budget, useful areas to review include:
- Maximise ISA contributions – fully use tax-efficient allowances
- Assess pension contributions – check whether you’re making the most of today’s tax reliefs
- Look at capital gains – consider whether to realise gains before possible changes
- Review inheritance planning – ensure pensions and other assets are structured for the future you want for your loved ones.
For those with larger pensions, investment portfolios or property wealth, the Autumn Budget can carry particular weight. Changes to allowances, reliefs and thresholds often have a greater impact when significant assets are involved. Reviewing how your wealth is structured, both for efficiency today and for inheritance planning in the future ensures you remain well positioned, whatever the Chancellor announces.
Responding to change with clarity
Budgets come and go, and rules shift. What matters is a plan robust enough to adapt, with expert guidance to help you take advantage of opportunities while protecting against risks.
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.
Planning for today, preparing for tomorrow
With retirement on the horizon, your financial plan should balance enjoying life now with protecting your wealth for the future. By working with your financial planner, you can feel confident that whatever the Chancellor announces, your wealth is positioned to support your retirement and your legacy.
1Niesr, 2025