He said those looking to sell assets need to take action now to get a key document in place even ahead of the actual sale.

The tax expert explained: “You do not have to complete the sale but get to the binding contract stage and this is the date that triggers the tax.

“You could also look to rebase the cost of any asset by selling and having your spouse purchase back or moving it into an ISA or corporate structure such as a family investment company.

Labour could increase several taxes in the Autumn Statement (Image: Getty)

“This could trigger an immediate charge but offer a potential saving of up to 25 percent long term.”

Turning to inheritance tax, Mr Routen said there could be an end to the reliefs for farmers and unquoted businesses, meaning now is the time to act.

He said: “If you are considering a gift, you should do it now while the gifts are available. There could be changes to the rate and other reliefs as well.”

He also said there could be “big changes” to pensions policy such as to the tax-free lump sum and tax relief on contributions.

The analyst warned: “Pension tax relief is very costly to the government and could come under attack in the budget.

“Labour may reduce the existing annual allowance of £60,000, or introduce a new flat rate of tax relief on pension contributions. Either way, higher or additional rate taxpayers will be the biggest losers.

“The message at this time is if you are considering a contribution make it before the budget and if you are looking to take your tax-fee lump sum also do this before the budget.

“The rate of tax on dividends could well be increased so if you are thinking of making a dividend or have large retained profits now is the time to consider making a payment.

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POLL: Should single-person council tax discount be cut? Vote now

Should the single person Council tax discount be cut? Vote now (Image: GETTY)

Many have been speculating about what Rachel Reeves’ Autumn Budget will hold, in particular how taxes could be impacted.

Now millions may see their Council Tax bills increase if the 25 percent single person discount is scrapped.

Sir Keir Starmer has refused to rule out the move, sparking concerns for millions – including pensioners who will have already had their winter fuel payment cut.

Scrapping the discount would mean millions who live alone, including pensioners and single parents, could see their Council Tax bill soar next year.

The cut would save the Government around £3bn annually according to estimates from The Institute for Fiscal Studies.

Taxpayers’ Alliance found the average increase for someone in England living in a Band D home would be around £549. This would equate to £515 in Wales and £353 in Scotland.

However, the true cost would vary based on area and experts are concerned of the impact this could have on pensioners.

More than four million pensioners would be impacted if the discount is scrapped, many of whom receive the state pension.

Caroline Abrahams, of Age UK, said: “Many older people are reeling from the news that they are losing their winter fuel payment, so we fervently hope that there are no more nasty surprises to come.”

This comes as Reeves said the Budget on October 30 would need “difficult decisions on tax, spending, and welfare,”.

While Conservative leadership candidate Robert Jenrick accused Sir Keir of waging a “war on pensioners” if he goes ahead with the council tax cut.

He said: “Under Labour, pensioners could be nearly £1,000 a year worse off, which for many is a cost they simply can’t afford.

“Keir’s war on pensioners is putting Labour’s own political interests above any sense of right and wrong.”