Myron Jobson, senior personal finance analyst at Interactive Investor, is warning that Britons face “a bitter cocktail of tax rises and public spending cuts” on October 30 and should take evasive act today.

Taxpayers have to try every trick in the book, he says. “Taking advantage of both well-known and lesser-known methods can make a significant difference.”

Inheritance tax (IHT) may be a target and Jobson said the simplest way of reducing a potential bill is to give your money away…