More than a third (36 per cent) of high net worth individuals (HNWI) believe that the government will raise inheritance tax (IHT) again at the Autumn Budget, research from Saltus has found.

Its survey of 2,000 HNWIs with at least £250,000 in investible assets showed that 17 per cent saw IHT as the most unreasonably high tax, ahead of capital gains and corporation tax.

When asked about where the threshold should be, the average response was close to £600,000.

Almost a third (30 per cent) believed that IHT should be abolished entirely, while 46 per cent felt the threshold should be increased.

Pensions are set to be included in the scope of IHT from April 2027, and 28 per cent of HNWIs were worried about how these rule changes will impact how they pass on their pension benefits.

A third (33 per cent) were already considering strategies to protect their pensions from IHT, while 30 per cent were reviewing or adjusting their pension savings or retirement planning ahead of potential changes.

Saltus noted that there was growing speculation about whether future fiscal events could target other pension benefits, such as the 25 per cent tax-free lump sum, although most saw such a move as politically risky and technically complex.

The research highlighted that tax anxiety was one of the biggest drivers of financial planning and private wealth management among HNW investors, with a growing number looking to trusts or other vehicles to manage future exposure.

“Tax has become one of the biggest sources of uncertainty for clients this year, not just because of what’s been announced, but because of what might come next,” said Saltus financial planner, Alex Pugh.

“IHT in particular is politically sensitive, and the decision to bring pensions into scope from 2027 has really sharpened focus on long-term planning. Many clients are asking whether the rules could change again, and how to prepare without making reactive decisions.

“The most common question I’ve had recently is about tax-free cash. Clients are understandably nervous about whether that could be targeted next. This concern underlines just how much confidence has been shaken by the pace of change.

“Now more than ever, clients need to approach inheritance and legacy planning thoughtfully. There’s no one size fits all answer. Strategies like annuities, gifting or business relief investments all have a place depending on individual goals.

“What matters is keeping planning aligned to values and long-term objectives, rather than reacting to every headline.”

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