L
ast week Money revealed how fears of an imminent “middle-class tax grab” had triggered a wave of panic among savers and homeowners. Speculation about what could be included in Rachel Reeves’s second budget — from cuts to the 25 per cent tax-free pension lump sum to tighter inheritance tax rules — has already prompted families to rethink their finances.
• Why a tax panic is sweeping through the middle class
Financial advisers told The Sunday Times that they have been receiving calls from anxious clients who are worried about everything from gift allowances to the future of their pension savings. Many advisers urged people not to act rashly, recalling the chaos before last year’s budget when thousands withdrew pension cash in anticipation of changes that never arrived.
Since then we’ve been inundated with messages from readers who say they are scrambling to protect their money. Some are bringing forward retirement plans; others are busy making gifts to children or rushing to draw down pension cash. Here are some of your stories.
