Over eight in ten (83 per cent) high net worth individuals (HNWIs) are expecting taxes to rise further in the next 12 months, a new study by Saltus has indicated.

Capital gains tax (CGT) (38 per cent), income tax (37 per cent) and inheritance tax (IHT) (35 per cent) were all cited as the most likely taxes to increase.

The findings come ahead of the Chancellor’s spring forecast on 26 March, which Saltus said is causing “widespread concern” among HNWIs about the direction of tax policy under the Labour government.

Saltus’ survey of 2,000 HNWIs, each with at least £250,000 in investable assets, showed that two thirds (66 per cent) of those who voted for Labour in 2024 now regret their decision, citing recent tax changes – including the introduction of VAT on private school fees and changes to IHT thresholds – as key reasons for their dissatisfaction.

In particular, the findings suggested growing speculation among respondents around whether Rachel Reeves will introduce changes to IHT policy to help the government’s fiscal position.

A quarter (25 per cent) of respondents pointed to IHT as the tax seen as already the most unreasonably high tax, while a further 88 per cent said the threshold should be increased, and 25 per cent said the tax should be abolished entirely.

Saltus partner, Mike Stimpson, said: “The expectation of further tax rises, particularly around IHT, is raising alarm among HNWIs, who play a crucial role in the UK economy as business owners, employers and investors.

“The latest data reveal that IHT is viewed as the most unreasonably high tax, with more estates being pulled into the tax net due to frozen thresholds. This tax makes the UK a relatively unattractive location for people who create wealth.

“As the Chancellor’s spring forecast approaches, there is growing pressure for meaningful reform, but it remains to be seen whether the government will address these concerns or press ahead with further tax increases.”

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