High net worth (HNW) clients are increasingly seeking inheritance tax (IHT) and estate planning advice as speculation builds ahead of the autumn Budget, according to Rathbones Group.

Based on a focus group of 460 clients with up to £5m in investable assets, Rathbones’ findings showed 43 per cent expected to need advice on inheritance and estate planning over the next year, with gifting accounting for 11 per cent.

Rathbones also reported that it had seen interest in inheritance-related matters rise sharply since the start of summer 2025.

Although inheritance planning dominated demand, pensions, retirement and later-life planning remained key concerns, cited by 19 per cent of HNW clients.

Other topics of interest included tax efficiency (14 per cent) and cashflow management (5 per cent), while ESG and impact investing, philanthropy, school fees, and mortgages represented a smaller share of queries.

Rathbones noted that IHT was one of the most widely discussed areas of potential reform, with rumours including capping lifetime gifts, extending the seven-year rule to 10 years, and tightening taper relief.

Meanwhile, pension policy speculation centred around reducing the tax-free pension lump sum withdrawal allowance.

“With the Budget not expected until late November, we face a prolonged period of speculation,” said Rathbones Private Office head of advice, Simon Bashorun.

“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.

“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 £5.5trn 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.

“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.”

---