The 5 ways to protect your money from Rachel Reeves' tax raids

Rachel Reeves is expected to raise taxes in the autumn to plug a £20billion hole in the country's finances. Economist Rob Wood from Pantheon Macroeconomics said on Tuesday (July 22) that the Chancellor has a "major problem" to overcome after U-turns on previously planned spending cuts and possible downgrades to economic growth forecasts.

He said Pantheon Macroeconomics estimates Ms Reeves' £9.9billion of headroom has turned into a £13bn hole, meaning she would need to raise taxes or cut spending by a little over £20bn in the autumn Budget. Mr Wood said: "We expect 'sin tax' and duty hikes, freezing income tax thresholds for an extra year in 2029 and a pensions tax raid - reinstating the lifetime limit on pension pots and cutting relief - to fill most of the hole."

The Chancellor has refused to speculate about tax rises, but has reiterated the Government's pledge not to raise VAT, income tax and National Insurance contributions for "working" people.

Tom Clougherty, the Executive Director at think tank the Institute of Economic Affairs, said borrowing figures published today underlined that the Government is "almost certain" to announce tax increases at the Autumn Budget.

Mr Clougherty said he expected tax allowances and thresholds would continue to be frozen for years to come, meaning more people would end up paying higher rates of tax without getting any richer in real terms.

He added: "The question is whether the Government will drop its core tax pledge and raise a broad-based tax like income tax, National Insurance or VAT, or whether it will attempt another stealth tax raid, targeting businesses and savers."

Nigel Green, CEO of the global financial advisory deVere Group, urged anyone who lives in Britain, invests here, or holds assets in the UK to speak to advisors urgently.

He said: "Tax hikes can be disguised, delayed, or dressed up as reform - but they're still tax hikes. We expect movement on capital gains, inheritance tax, and pension rules in particular, and we believe it would be reckless to assume otherwise."

Mr Green told the Express: "Mitigating tax exposure takes time, insight and action. This isn't about headlines, it's about protecting what you've built."

The CEO went on to warn that governments act fast and often retrospectively when fiscal pressure is high, adding, "The best way to protect your wealth is to act before new tax policies are announced."

This includes acting on Capital Gains realisation. Mr Green said: "If you're sitting on substantial gains - especially in shares, property or crypto - consider realising profits now before expected CGT (Capital Gains Tax) hikes."

He also recommended planning now on Inheritance Tax (IHT), warning the current IHT regime may not last. Mr Green said: "Using trusts, lifetime gifts and other vehicles can reduce future liabilities significantly if done in time."

The expert identified tax reliefs on pensions as increasingly falling within the Government's crosshairs. Broker Hargreaves Lansdown has already warned that "tinkering" with such incentives could lead to people putting less aside for their future.

DeVere Group's CEO suggested maximising contributions while rules still favour savers could "lock in" significant benefits.

A further recommendation relates to structures used to hold property. Mr Green said that for landlords and second-home owners, exploring ownership via limited companies or family partnerships can provide more flexible, tax-efficient outcomes.

His final piece of advice is for those with global ties or dual residency. Mr Green said structuring assets internationally can generate distance from UK tax exposure.