The Budget rumours in recent weeks have sparked a record tax year so far for the number of people paying into SIPPs, stocks and shares ISAs, cash ISAs, JISAs and LISAs from Hargreaves Lansdown.

The firm said clients continue to pile into pensions, making the most of the current system in the wake of Budget rumours.

It said the number of people making contributions to their HL SIPP between 6 April and 31 October this year is up 7%.

Helen Morrissey, head of retirement analysis, Hargreaves Lansdown, said: “With rumours of a potential shift to a flat rate of tax relief swirling, we are seeing those with a bit of spare cash taking the no-regrets move to bolster their retirement position by bringing forward contributions now.”

She said a shift to a flat rate of tax relief of - say 30% - would see a £100 pension contribution cost a higher rate taxpayer £70, rather than £60. For an additional rate taxpayer, the same contribution currently only costs them £55.

HL said contributions of between £3,600 and £10,000 are already up almost 5%, while those making contributions of between £10,000 and £20,000 is up marginally by almost 1%. Those making contributions of less than £3,600 per year is also up almost 14% so far. Ms Morrissey said: “Some of this could be people who have used their own allowances and are now topping up the SIPPs of loved ones such as partners and children to give them a retirement boost.”

Hargreaves said it’s also a record for the number paying into a combination of both cash and stocks and shares ISAs with the firm – up 91% from the same time a year earlier.

The number of people maxing out their HL ISAs (including both cash and stocks and shares) so far this tax year is up 22%.

Sarah Coles, head of personal finance, Hargreaves Lansdown, said: “The looming Budget has inspired a record-breaking run for tax-efficient saving and investing, as people have been reminded just how valuable their ISA and pension allowances are.”

Figures for all products and all years run from 6 April to 31 October this year.