With all possible avenues of tax planning being blocked, one of the only way to legitimately reduce your tax bill is to save for your pension. It is vanilla planning!

However, it is highly likely that Mr Osborne will reduce the availability of higher and additional tax relief. It is possible that only basic rate will be available and there are noises that tax relief for pensions could be withdrawn completely.

If these measures are implemented Gordon Brown's raid on pensions will be seen as a walk in the park!