Harvest financial benefits while you can in run up to Autumn statement

But this year is different. More and more clients are becoming increasingly concerned their financial plans may soon have a huge spanner thrown into their well-oiled works when Rachel Reeves tries to balance the budget in November.

And their concerns could prove valid – the Chancellor has a massive deficit hole to fill. According to a leading think tank, the public finance deficit could be as high as£50 billion.

If the Chancellor is to honour her party’s commitment to voters in the 2024 election, her tax raising options are clearly limited. Labour won the election on a manifesto that pledged to not raise Income Tax, personal National Insurance, or VAT for working people.

That removes several low-hanging tax fruit trees which Reeves could have harvested for increased revenues. The challenge is that raising ordinary peoples’ tax contributions or making further cuts to public spending appear to be her only routes forward. So, are there other tax targets in her sights?

It is always a lottery trying to second-guess what might be in any chancellor’s little red box. But this year, given the tax raising limitations already imposed, the usual media rumours may prove to have more substance than in previous years. And that is why anyone with a sizeable pension and investment portfolio should at least heed these rumours.

October is certainly the month to discuss these potential concerns with your financial planner and to take any remedial action you can before Reeves’ Autumn Budget the following month. Making the most of your existing annual tax-efficient allowances is at the core of any successful strategy designed to grow and protect your wealth. This is especially true now as your personal tax thresholds continue to be frozen.