As well as this, consider maximizing your capital gains tax allowance of £3,000 by switching from one fund to another. If you’re in the higher or additional tax brackets, crystallizing some gains now can help you avoid higher tax rates later. Taxpayers may also want to consider transfers early this year to maximize tax efficiency.

In addition to capital gains tax, anticipate the next modification of inheritance tax leveraging your annual giving allowances and considering potentially exempt transfers to mitigate future tax impacts. Taking a fresh look at your real estate and assets can ensure your wealth is better protected before new regulations come into force.

Expect higher employer national insurance contributions to be a reality under the new budget. Businesses, especially in labor-intensive sectors like retail and services, should prepare for lower profit margins. Investors in these areas should reassess their exposure and adjust accordingly.

Also, venture capital trusts giving investors access to tax breaks and potentially attractive returns – but also helping to boost enterprising UK businesses.

They have been instrumental in financing innovative start-ups and high-growth companies. Currently we recommend Pembroke and British Smaller Companies – and are pleased to say we offer the deepest discounts in the market.

Finally, even if markets now appear calm, possible tax changes and borrowing adjustments could fuel volatility, particularly in bond markets. Consider diversifying your portfolio with assets that can act as a buffer against turbulence, such as commodities, inflation-indexed bonds, or defensive stocks.

Look at the horizon

The Budget is unlikely to disrupt the Bank of England’s current course, with planned rate cuts in November and December expected to bring the Bank Rate to around 3.25% by mid-2025.

Carefully balanced fiscal policy that emphasizes infrastructure investment should support this outlook, keeping rates stable and market nerves calm.