Wealthy individuals are increasingly seeking advice on inheritance tax (IHT) and estate planning amid speculation around tax changes ahead of the Autumn Budget.

This is according to wealth manager, Rathbones, which said that interest from its clients in inheritance-related matters had risen sharply since the start of summer.

Research by Rathbones, based on a focus group of 460 clients with up to £5m in investable assets, revealed that 43% of wealthier clients are expecting to need advice on inheritance and estate planning over the next year – with gifting accounting for 11%.

IHT has been one of the most widely discussed areas of potential reform in Rachel Reeves’ Autumn Budget, with recent speculation including a cap on lifetime gifts, extending the seven-year survival period to 10 years, and tightening taper relief.

Head of advice at Rathbones Private Office, Simon Bashorun, said there would be a “prolonged period of speculation” ahead of the Budget on 26 November.

“The reluctance – or perhaps inability – for the Treasury to quash rumours, is a bane to financial planning,” Bashorun commented. “Clients are understandably keen to get ahead of any potential changes, particularly around IHT, gifting, and retirement planning.

“Since the significant changes to the 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 £5.5trn 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.”

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