Protecting your wealth ahead of the Autumn Budget
The Chancellor will deliver the Autumn Budget on 26 November, outlining the government’s latest financial and tax plans. While the exact measures are not yet known, speculation continues around possible changes to pension tax-free cash and gifting rules – two areas that have prompted concern for many investors and families.
ALTHOUGH NO FIRM PROPOSALS have been confirmed, it’s a reminder that the rules shaping how we save, invest, and pass on wealth can change at any time. Taking stock now can help ensure your finances are structured efficiently under the current system – before any new measures take effect.
Four areas worth reviewing ahead of the announcement:
1. Your cash savings and ISAs
Each year, you can save or invest up to £20,000 across your ISAs, with all growth and interest sheltered from tax.
Ahead of the Budget, it’s worth reviewing how you’re using this allowance and whether your current mix of cash and investments still suits your goals.
Consider:
How your ISA allowance is currently allocated — between cash and investments
Whether your balance still reflects your time horizon and risk appetite
Whether you’re making full use of the allowances available for this tax year
We can help you review your savings strategy and ensure your money is positioned effectively under current ISA rules.
2. Investments held outside tax wrappers
If you hold shares, funds, or property outside an ISA or pension, you may be liable for Capital Gains Tax (CGT) when you sell.
CGT allowances and rates have changed in recent years, and it’s sensible to ensure your investments are still structured efficiently.
Consider:
Which assets you currently hold outside tax-efficient wrappers
How any realised gains might affect your tax position
Whether there’s scope to use this year’s CGT allowance before 5 April
Making use of available allowances on a planned, annual basis can help manage your tax exposure and keep your investment strategy aligned with your goals.
3. Passing on wealth
Estate and gifting rules are always under review, and this Budget may yet bring updates to how wealth can be transferred between generations.
Even without confirmed changes, it’s sensible to review your arrangements now to ensure they reflect your current circumstances and make the most of existing allowances.
Consider:
Whether your Will and beneficiary nominations are up to date
The overall composition of your estate, including property, pensions, and investments
Whether lifetime gifts or trusts could help you pass on wealth efficiently
Taking early advice can help you act within the current framework, giving peace of mind and flexibility whatever the Chancellor announces.
4. Pensions and tax-free cash
There’s been much discussion recently about the 25% tax-free lump sum available on pensions (capped at £268,275 for most), with speculation that this could be reviewed in future. While no changes have been confirmed, it’s worth checking that your retirement strategy remains tax-efficient and aligned with your withdrawal plans.
A quick review can help you make the most of the current rules and ensure your pension continues to support your goals for later life.
5. Key deadlines approaching
The months ahead include several important dates for personal finances:
31 October: final date to submit paper self-assessment tax returns for the 2024/25 tax year
31 January: online self-assessment deadline
5 April: end of the tax year, when most personal allowances reset
A quick review now can help ensure you’re well prepared – and making full use of the current tax year’s opportunities.
What this all means
Budgets come and go, and the details change each year. But the principles remain the same: review regularly, plan early, and make informed decisions while you have the full range of options available.
At McHardy Private Wealth, we take a joined-up view of your finances – from pensions and savings to investments and estate planning – to help you stay organised, efficient, and confident, whatever the Autumn Budget brings.
Book a pre-Budget wealth review today:
