Pensions were also unchanged, while the income tax-free allowance is to be raised to £12,570 next year, but will then frozen till 2026. The higher rate threshold is also rising to £50,270.

There were no changes to inheritance tax (IHT), capital gains tax (CGT), or pensions in the Budget, with thresholds frozen until 2026 alongside income tax, which will be frozen for the same period after this year’s previously announced threshold increase.

Many specialists suggested that the Treasury was keeping its options open and was likely to pursue targeted revenue raising options in the future, however.

Camilla Bishop, partner at city law firm DMH Stallard, said: ‘Nothing in the budget today stops IHT mitigation as we know it. We can still make large tax-free gifts, transfer assets into trust and opt to pay the lower rate of CGT on any gains rather than suffer the death rate of 40% IHT.

‘As predicted, the big overhaul for CGT and IHT is yet to come.’

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