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Imagine this. The Chancellor of the Exchequer has just announced a raft of changes to tax, pensions, and savings in the Budget.
The newspapers are full of dramatic headlines and eye-watering figures. Before you have had time to work out what the shake-up means for you, an email lands in your inbox. It says that you are due a tax refund because of the changes and offers a free review to protect your money before the new rules take effect.
It is tempting — and well-timed. It is also a scam.
Why do scammers use Budgets and news events?
Scammers use Budgets and other major financial announcements because they create uncertainty, urgency, and a sudden need for information. Any change creates legitimate questions, and official answers take time to filter through. Scammers exploit this gap by offering apparent certainty to people who are still trying to understand what the announcement means for them.
Often, the scammers do not even need to invent a new trick. They can take an old one — a fake tax refund or an investment opportunity — and make it topical to the questions circling in the news. As you search for answers, the scams appear.
It is at moments like these that normally careful savers can get caught out. If you have heard terms such as “tax thresholds”, “pension changes”, or “interest rates” in the news that day, it is going to seem less unusual when you are contacted about them.
What scams should I look out for after a Budget?
Fake HMRC refunds, fraudulent pension reviews, and false deadlines are all staples in a scammer’s toolbox, particularly after a policy change is announced. HMRC received more than 170,000 reports of suspected scams in the year to July 2025, including more than 47,000 relating to fake tax refunds.
Remember, scams are becoming increasingly sophisticated and can convince even the savviest of savers. The details will vary, but most Budget-related scams use one of a handful of familiar approaches.
|
Scam |
The claim |
Why it works |
Warning signs |
|
Fake HMRC tax refunds |
The Budget means you are due a refund. Enter your bank details to claim it. |
Tax changes can leave people unsure whether they are owed money. |
An unexpected refund message asking for personal or payment details. Check through your tax account instead. |
|
Fake guides to the “new rules” |
Your bank or investment provider offers a personalised Budget guide. |
It appears to come from an organisation you know and trust. |
An unfamiliar link or a page asking for login or payment details. |
|
Policy-linked investments |
A new policy or government programme has created an investment opportunity. |
A genuine announcement gives the supposed opportunity a convincing backstory. |
Pressure to invest quickly, contact through social media, or difficulty verifying the firm. |
|
“Secret” tax loopholes |
An advert or influencer reveals a little-known way to save tax. |
It promises a simple advantage while the wider rules feel confusing. |
Claims that HMRC, advisers or “the media” want to keep it secret; private groups; or joining fees. |
|
Fraudulent pension reviews |
New rules mean you must review or transfer your pension to protect it. |
It can be difficult to know whether a pension change affects you. |
Unsolicited contact, pressure to transfer, or unusually high or guaranteed returns. |
|
False deadlines |
You have 48 hours to move your money before a new rule takes effect. |
Real measures sometimes have implementation dates. |
A very short deadline or pressure to act immediately. Check the date independently on GOV.UK. |
Figures from the City of London Police show that victims reported losing almost £880 million to investment fraud in 2025, an average of £2.4 million a day. The average reported loss was more than £25,000.
And unfortunately, you have to be vigilant across your online life. Two thirds of authorised push payment fraud cases in 2025 began online, according to UK Finance, while a further 17% started through telecommunications.
How do I check if something is a scam?
Pause. A genuine announcement is very unlikely to require immediate action, and is even more unlikely to ask you to act via a text, email, or social-media post.
Exit the message. Don’t click on links or use any phone numbers provided in the text or email. Open a fresh browser to search, or use the company’s official app.
Check official announcements. Use websites such as GOV.UK, the FCA, or the Bank of England to check exact timescales and wording of financial changes.
Verify the organisation. Use the FCA’s official firm-checking service to make sure that the company is legitimate. Double check that the website address or phone number matches the details listed on the FCA website.
Speak to someone. Discuss the opportunity with someone you trust or your regulated financial adviser before making any moves.
Report it. If you have shared bank details or sent money, contact your bank immediately using the number on the back of your card. If you want to report a suspected scam, there are several different ways to do so:
- Suspicious HMRC emails: phishing@hmrc.gov.uk
- Suspicious HMRC texts: forward to 60599
- Suspicious emails generally: report@phishing.gov.uk
- Suspicious texts: forward to 7726
- Fraud already experienced: Report Fraud in England, Wales, and Northern Ireland, or Police Scotland via 101
- Financial promotions or unauthorised firms: the FCA
When rules are changing and your finances might be affected, it’s normal to want answers and to act quickly. However, that urgency is exactly what scammers hope to exploit.
Treat emails, social media posts, or texts about rule changes as a nudge to check the facts independently, rather than a reason to act. And whenever major financial news breaks, expect scammers to follow closely behind.
