She could also bring in a new levy on high-value properties<\/a>, in the measures to be announced on November 26. The Chancellor had been expected to raise income tax in the face of a yawning gap in her spending plans, hinting as recently as Monday that the alternative would be \u201cdeep cuts\u201d to public investment.<\/p>\n But she has ditched the plan, which would have broken<\/a> a Labour manifesto<\/a> promise. Ms Reeves is understood to have U-turned after improved forecasting from the Office<\/a> for Budget<\/a> Responsibility, but other tax rises have not been ruled out.<\/p>\n Limits to salary sacrifice schemes and new measures to tax electric vehicles<\/a> are still in the mix, as the Treasury pursues a \u201csmorgasbord\u201d approach of raising a range of smaller taxes. One financial expert highlighted \u2018strong rumours\u2019 predicting income tax will rise, and the Cash ISA limit will be cut in half.<\/p>\n Laura Purkess, Personal Finance Expert at Investing Insiders<\/a> told pensioners and savers they should take four actions to minimise the effect of the Autumn Budget.<\/p>\n Ms Purkess said: \u201cThis Budget looks set to be a big one, with speculation rife about a number of significant changes to tax rules. While it is all speculation at this stage, rumours a few weeks out from Budgets tend to be grounded in some truth, and it\u2019s likely that the policies are at least under consideration, although plans can be changed right up to the last minute.<\/p>\n \u201cThat said, nothing good will come from making major financial decisions based on rumours. Thousands of people reacted to speculated changes to pension tax-free lump sums ahead of last year\u2019s Budget, and then nothing happened, leaving them needlessly worse off.\u201d<\/p>\n Top tips to prepare for the Autumn Budget<\/p>\n ISA savings<\/p>\n Check you\u2019ve maxed out all your ISA limit, or contribute as much as you can \u201cThe Chancellor is reportedly considering cutting the cash ISA allowance, which is the amount you can save into a cash ISA each year, down from \u00a320,000 to \u00a312,000 or even \u00a310,000.<\/p>\n \u201cIf you have that much cash to save and haven\u2019t maxed out your ISA allowance for this tax year, it could be worth doing so.<\/p>\n \u201cIf you had \u00a320k to invest for the next few years and the cash ISA allowance was cut to \u00a310,000, you could pay hundreds or even thousands of pounds in tax by putting the remainder into a taxable savings account.<\/p>\n \u201cSo, ensuring you have at least used up your limit this year could save you money. Even if you don\u2019t have much to save right now, it\u2019s still worth putting it into an ISA over a taxable savings account, as your savings will grow over time and you don\u2019t want to pay more tax than you need to.<\/p>\n \u201cIf you have longer term savings goals and a comfortable savings buffer, it could be worth considering putting some into a stocks and shares ISA instead. The stock market has historically outperformed money held in cash over the longer term (think five years or more), so you could be better off.\u201d<\/p>\n Get the best savings rate on the market<\/p>\n \u201cThere is never a bad time to make sure you\u2019re getting the best savings rate. Bagging the best rate now will make your money work harder and boost your savings, which could put you in better stead if any taxes are raised down the line.<\/p>\n \u201cThe top easy-access savings accounts currently pay around 4.5 per cent. Sidekick\u2019s Multi Shield account is paying 4.48 per cent, while from high street names, Tesco<\/a> Bank is paying 4.2 per cent on its Internet Saver.<\/p>\n \u201cJust a few percentage points can make a big difference to the returns on your savings long-term, so don\u2019t give in to inertia and accept a lower rate than you could get.\u201d<\/p>\n Pay your pension some attention<\/p>\n![\"Chancellor](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/11\/0_Chancellor-Announces-Multi-billion-Boost-To-Transport-In-The-North-and-Midlands-Ahead-Of-Spending-.jpeg\")
Chancellor of the Exchequer Rachel Reeves is planning major tax rises in the Budget, according to reports(Image: Getty Images)<\/p>\n