Financial advice firms have reported a surge in enquiries relating to inheritance tax (IHT) and pensions ahead of the Autumn Budget, according to The Personal Investment Management & Financial Advice Association (PIMFA).

The association’s analysis showed that 66 per cent of its member firms had seen an increase in IHT and estate planning-related enquiries, ahead of any other tax topic.

Meanwhile, 58 per cent of member firms had reported rising demand in enquiries about pension taxation.

Three in 10 (30 per cent) had seen an increase in enquiries about ISAs and savings, while 27 per cent said they had received more enquiries about the prospect of a wealth tax.

Budget speculation was found to be influencing financial decisions, with 53 per cent of firms having seen clients bringing forward planned gifts or family wealth transfers and 44 per cent reporting clients taking tax-free cash from their pensions.

Respondents were asked which areas of personal taxation would benefit most from greater predictability and long-term clarity.

Seven in 10 (70 per cent) selected IHT, closely followed by pension tax rules (69 per cent), and ISA rules and allowances (62 per cent).

More than a third (37 per cent) cited greater certainty around capital gains tax.

PIMFA called for a pensions tax lock ahead of the Budget to end ongoing speculation about changes to pension taxation, including tax-free cash.

It also called for a longer-term personal investment tax roadmap to give savers and investors greater clarity about how their money will be treated over time.

“These findings show that speculation about potential tax changes continues to have an impact,” said PIMFA director of government relations and policy, David Ostojitsch.

“In line with previous Budget exercises, clients are seeking advice and bringing forward financial decisions before we know what the Budget will contain.

“Recent changes, including bringing unused pension funds into the scope of IHT, have understandably left people concerned about what might come next.

“Ahead of each Budget, speculation about pensions, tax-free cash and inheritance tax can prompt people to make significant financial decisions simply to get ahead of changes that may never happen.

“We’ve seen from recent research that this can have real consequences, particularly for those without access to financial advice – without it, people have made irreversible decisions about their pension wealth on the back of idle speculation.”

This article originally appeared in our sister publication Wealth Investment News.

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