We have a chancellor who needs money. So watch out for cuts in reliefs for Inheritance Tax, Income Tax and Capital Gains Tax. Many allowances have already been frozen so the next step will be to reduce or remove reliefs currently available.

What could he attack? For IHT, BPR and APR are always hot favourites. Also, exemptions for interspousal transfers and gifts out of income. For Capital Gains Tax, could he return the rates to the marginal income tax rates, limit entrepreneurs’ relief or further restrict the reliefs for holding over gains on the gift of business assets.

We will just have to wait until 27 October to see what he is planning.