Last year’s Budget announcement will be a tough act to follow, but with an election just around the corner can we safely assume the chancellor’s big red briefcase will be packed with political ammunition?

He says not.

But with estimates placing the value of the war chest at £6bn, a figure bolstered by higher tax receipts, lower borrowing costs and spending cuts, he does have the scope for some vote worthy surprises.

Personal allowances are already set to rise from £10,600. But, the potential to give a further tax cut to 27 million people ahead of an election seems to too tempting to pass up, so it’s likely we could see a further increase to £11,000.

That would equate to a £200 cut for lower rate payers and maybe £400 for higher rate payers (as in the past the higher rate threshold has been reduced to allow only basic rate taxpayers to benefit)

Despite the recent mammoth changes to pensions, it would be safe to say that Mr Osbourne has not finished yet. We already know there is good news for those already tied to annuities. When he steps up to the despatch box tomorrow the Chancellor is set to announce that pensioners will now be able to cash out purchased, and currently non-refundable, annuities. Allowing annuity sales will therefore provide around five million pensioners with the option of trading an eventual fixed income for a one off lump payment. Whether these come at a higher tax cost remains to be seen. Could pensioners boost the buy-to-let property market using the capital drawn?

Capital gains tax is another political football that is sure to be played on Wednesday. It’s likely that the tinkering to CGT isn’t over yet. Currently, assets such as second homes, stocks, or funds incur 18 per cent for basic rate taxpayers and 28 per cent for higher rate payers, for any gains made over £11,000. But, it’s a reasonable assumption that CGT could go up to 35 per cent.

Though changes to inheritance tax could be on the horizon, to date, any moves towards raising that threshold have been blocked by Osbourne’s coalition counterparts. So the reality is that such promises are likely to form part of the Conservative manifesto.

From a business perspective, I’m placing a hopeful prediction that sense will prevail and the annual investment allowance of £500,000 will be extended beyond December 2015 (when it is due to drop back to £25,000). This is also a call made by, among others, the Institute of Directors, the Engineering Employers Federation and the Federation of Small Businesses.

By far and away the biggest business news on Wednesday will be the Chancellor’s outlining of the ‘radical’ investigation into business rates. The review is long overdue as the rates system in England dates back 400 years. Wales is about to gain full-power over business rates (thanks to the Wales Act of 2014) so the reality is that the outcome of any investigation would be limited to England. Yet, the current situation on both sides of the boarder is the same. Reforms must be made to place traditional and online businesses on a level playing field. For example, currently the likes of Amazon pay relatively some business rates compared to retailers on the high-street. Therefore, Mr Osbourne’s review is an endorsement of Welsh Government’s ongoing evaluation of much needed reform options.

Will this be the last budget for 2015? Almost certainly not.