Demand for professional financial advice has surged ahead of the Autumn Budget, particularly in areas such as Capital Gains Tax (CGT), estate planning, and retirement planning.
Since the General Election, demand for financial advice has increased significantly compared to the same period in 2023.
According to Unbiased, the number of businesses seeking advice increased by 122.7% between 5th July and 15th October 2024.
This rise coincided with Labour’s plans for a business tax roadmap and potential changes to CGT, which could affect businesses planning to sell assets.
On the consumer side, general tax planning saw a 72.5% increase, with many looking to minimise tax liabilities.
Estate planning enquiries also rose by 70.3% as people consider how to pass on their assets.
Speculation around changes to inheritance tax (IHT) has contributed to this increase, including potential reductions in the ‘nil rate band’ and changes to gifting allowances.
Enquiries regarding CGT have surged by 61.2%, driven by concerns over potential rate hikes for selling shares.
However, there is caution regarding increases for selling second homes due to worries about the property market.
As speculation around pensions continues, enquiries for pensions and retirement planning have risen by 9.8%.
Many savers are withdrawing money from their pension pots in anticipation of changes.
Karen Barrett, chief executive and founder of Unbiased, said: “It’s clear that many people in the UK are worried about the upcoming Autumn Budget, which is unsurprising considering the extensive media speculation.
“With rumours swirling about changes to how much you can withdraw from your pension tax-free, possible capital gains tax rises and changes to inheritance tax, there’s a lot to digest.
“However, it’s important that you don’t act rashly and get expert financial advice to ensure you make the right decisions for your financial future.
“So, it’s reassuring to see that people are getting the expert guidance they need.”
