69% of individuals seeking financial advice through their platform last year expect Labour’s economic policies to significantly impact their finances, according to a report from Unbiased.
The survey revealed that nearly 24% of respondents sought advice due to Labour’s tax or policy changes.
Key concerns included the planned Inheritance Tax on pensions beginning in April 2027, with 40% of respondents citing this issue.
Additionally, 37% were concerned about the increase in employers’ National Insurance Contributions and 34% pointed to Capital Gains Tax rises from October 2024 as a worry.
Karen Barrett, CEO and founder of Unbiased, said: “It’s clear recent tax changes by the UK government have had a significant effect on individuals and businesses.
“Many are clearly revising their plans due to policies from last year’s Autumn Budget, including the planned inheritance tax on pensions and increase in employers’ national insurance contributions.
“The new inheritance tax proposals for pensions are likely to add complexity during a difficult time, with experts suggesting alternative strategies during an HMRC technical consultation that closed in January.”
Barrett added: “It’s vital that the government considers whether these proposals are viable and, if so, the simplest way to implement them to ensure people can effectively plan for the future.
“One reliable way for people to overcome uncertainty with their financial future is to seek expert advice, so they are prepared, regardless of what happens during the Spring Forecast or Autumn Budget later this year.”
