...and here’s what else you should do

PAY THE SCHOOL FEES IN ADVANCE

IF YOU have children at a fee paying school, see if the bursar is prepared to offer a discount on fees paid in advance, covering multiple years.

Although this will not allow you to escape Labour’s plan to charge 20 per cent VAT on private school fees – the levy is due when a service is delivered – it will at least help you to mitigate the cost.

CLEAR DEBTS AHEAD OF RATE RISES

YOUR lowest risk investment is to pay off debt. In an environment of potentially higher interest rates and tax, that becomes attractive. So tackle any credit card balances or outstanding personal loans.

TRY VENTURE CAPITAL TRUSTS

ALTHOUGH riskier than investing in an Isa or pension, putting money into new shares offered by a venture capital trust attracts 30 per cent tax relief on the way in and a future tax-free stream of dividends (if you are lucky). Any capital gains are also taxfree. These trusts support new

businesses so there is a ‘feel good’ element to them. But they are high risk. It is unlikely these tax breaks will survive an audit by Corbyn and McDonnell.

SEEK ADVICE FROM A PROFESSIONAL

OBTAIN expert advice from a professional financial planner. They will ensure your finances are resilient enough to withstand most of what Corbyn throws at you.

LAST RESORT... LEAVE THE COUNTRY

LAST year, Lord Sugar said he would quit the UK if Corbyn became the next Prime Minister. For some people, it may not prove such a bad idea. Peter Hargreaves also says so.