Chancellor Rachel Reeves hiked taxes by £40billion last year, in the most punitive budget since 1993. Yet most of the burden fell on employers.

She can’t soak business for anymore, as her employer’s national insurance raid destroys growth and jobs. This time, she’ll be after us.

Labour die-hards would love nothing more than to see her launch a tax grab against the rich.

And by rich they mean anybody with modest savings and assets. Here are her most likely targets.

Capital gains tax. Before the Budget, all the talk was of Reeves hiking capital gains tax (CGT) rates in line with income tax.

Surprisingly, she didn’t do it. Today, CGT is charged at 20% on basic rate taxpayers, and just 24% on higher and additional rate taxpayers.

While she won’t change the basic rate, she could lift higher-rate CGT to 40% and 45%. That would be a massive blow for second homeowners, business owners and investors, and those with shares outside of the tax-free Isa. That wouldn’t stop her.

Pension tax relief. To encourage people to save, HMRC offers tax relief on pension contributions. This is paid at 20%, 40% or 45%, depending on your tax bracket.

Many lefties say this is unfair, because lower earners get less.

Before the autumn Budget, there was talk of Reeves cutting higher rate pension tax relief, and giving everybody a flat rate of 25% instead.

It could save her billions but his retirement saving. The Treasury has been batting this idea around for yonks. Could it finally happen?

ISA allowance. Every UK adult can save up to £20,000 in an ISA free of income tax and CGT for life. Clearly, you have to be pretty wealthy to save that much each year.

Reeves froze that in the Budget but could cut back to £10,000, for example. That’s still more than enough for most people. Labour activists would love it.

Or she could set a cap on the amount you can build up tax-free, say, £100,000. Plenty in the Labour Party would love that, too.

Fuel duty. Reeves resisted the temptation to increase fuel duty in October, but I doubt she’ll be able to resist again.

Green activists were infuriated by her decision, claiming it was a blow for the planet. Reeves could raise £5billion this way. It’ll be high on her hit list.

Buy-to-let (again). Labour hates buy-to-let landlords (the Tories didn’t seem too keen on them either, to be fair).

They think landlords have it easy, while tenants suffer. Which is why Reeves upped the stamp duty surcharge on investors to 5%.

Now she may cave into demands from pro-Labour think tanks to slap national insurance on rental income. This will squeeze landlords even more, forcing many to sell.

That will reduce property supply and drive up rents too. Tenants will suffer as well as landlords.

National insurance. Former chancellor Jeremy Hunt slashed national insurance twice as a pre-election giveaway (not that it helped the Tories).

Cutting NI from 12p in the pound to 8p is costing the Treasury tens of billions of pounds a year. I could easily see Reeves scrapping the second hike, adding 2p to the charge.

It could solve her fiscal problems overnight, but at a cost. And you will be paying it.

Inheritance tax. Reeves is already planning to charge inheritance tax (IHT) on unused pension pots, from 2027. She also slapped it on farmers and businesses. The outcry hasn’t stopped her. Gift allowances could be vulnerable. Possibly the £175,000 main residence band. Only time will tell.

Be warned, though. Taking evasive action can backfire. These are speculative suggestions and may never happen. But using your pension and ISA allowances to the max definitely makes sense. If worried, consider tax advice.