The findings, based on a focus group of 460 Rathbones clients with up to £5 million in investable assets, reveal that 43% expect to need advice on inheritance and estate planning over the next year - with gifting accounting for 11%. Rathbones reports that interest in inheritance-related matters has risen sharply since the start of summer.
While inheritance planning dominates, pensions, retirement, and later-life planning remain key concerns, cited by nearly a fifth (19%) of respondents.
Inheritance tax is one of the most widely discussed areas of potential reform. Speculation includes capping lifetime gifts, extending the seven-year survival period to ten years, and tightening taper relief. On pensions, the government may consider reducing the portion of a pension pot that can be received tax-free as a way to raise revenue.
Other notable topics include tax efficiency (14%) and cashflow management (5%). Although Environmental, Social and Governance (ESG) and impact investing, philanthropy, school fees, and mortgages represent a smaller share of queries, they remain relevant for specific client segments.
Simon Bashorun, Head of Advice at Rathbones Private Office, says: “With the Budget not expected until late November, we face a prolonged period of speculation. The reluctance - or perhaps inability - for the Treasury to quash rumours, is a bane to financial planning. Clients are understandably keen to get ahead of any potential changes, particularly around inheritance tax, gifting, and retirement planning.”
How to broach estate planning
““Since the significant changes to the inheritance tax (IHT) regime in the last Budget, speculation has continued to swirl. Clients, especially those with seven-figure pension pots, are reassessing their long-term plans and asking whether they should act before the Autumn Budget. With an estimated £5.5 trillion expected to pass between generations over the coming decades, it’s likely that governments will seek to claim a greater share. A tightening of current gifting rules cannot be ruled out. Good IHT planning starts with understanding what you can afford to give away. That means having a robust lifetime cashflow plan to assess your capacity to part with capital or income. From there, making use of current allowances and reliefs is sensible. Tax changes are rarely retrospective, so action taken today—with proper documentation - could be future-proof. There’s no one-size-fits-all solution. Effective IHT planning often involves a blend of outright gifts, trusts, qualifying investments, and insurance. Diversifying your approach not only balances control and tax efficiency, but also helps hedge against future rule changes.”
Positioning your finances: key actions to take. Simon Bashorun says:
1. Avoid irreversible financial decisions based on speculation:
Acting prematurely on Budget rumours can lead to costly missteps. Selling investments, locking into financial products, or cancelling long-term plans without clarity on confirmed policy changes can undermine your financial goals. These decisions are often difficult—or impossible—to reverse.
2. Don’t react emotionally to Budget rumours:
Many floated ideas never make it into law. The pre-Budget period is often filled with trial balloons and political noise. Reacting impulsively to headlines can result in unnecessary stress and poor financial choices.
3. Maximise tax-free allowances:
Making full use of tax-free allowances - such as the £20,000 ISA allowance and the £60,000 annual pension allowance - remains good practice, regardless of what the Budget may bring.
4. Review your finances:
Take stock of your income, outgoings, savings, and investments. Understanding your current financial position is the first step in preparing for any potential changes. This includes assessing your exposure to areas under scrutiny, such as pensions, property, or dividend income.
5. Seek professional advice:
A qualified financial adviser can help you navigate uncertainty and tailor strategies to your personal circumstances. They can also help you act efficiently within current rules, while building in flexibility to adapt to future changes.
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