Financial advice demand surges ahead of the Autumn Budget
Ahead of the Autumn Budget, there has been a notable increase in demand for professional financial advice across various personal finance areas.
As the Autumn Budget approaches on 30 October, there has been a notable increase in demand for professional financial advice across various personal finance areas, including capital gains tax (CGT) and estate planning.
This surge follows the General Election on 4 July and reflects growing concerns about potential changes to financial regulations under the new Labour government.
Increased demand for financial advice
Unbiased has seen a significant rise in requests for advice on accounting, tax planning, CGT, wealth management, and pensions and retirement planning.
The anticipation of the Autumn Budget, which is expected to bring substantial changes to personal finances, has driven this demand.
According to the data, more businesses are getting financial advice as accounts enquiries are up 122.7% between 5 July and 15 October 2024, compared to the same period in 2023.
This spike may be linked to Labour’s proposed business tax roadmap and potential CGT changes, which could impact businesses planning to sell assets.
General tax planning enquiries have surged by 72.5% as individuals seek to minimise tax liabilities and avoid unexpected tax bills.
Estate planning enquiries have also risen by 70.3%, driven by speculation about changes to inheritance tax (IHT), including possible reductions in the ‘nil rate band’ and adjustments to gifting allowances and exemptions.
Other areas where financial advice demand has risen
Concerns over potential changes to CGT have led to a 61.2% increase in related enquiries.
Media speculation suggests that CGT rates for selling shares might rise, but changes to CGT for selling second homes are less certain due to the potential impact on the property market.
Pensions and retirement planning have also seen a rise in enquiries, up by 9.8%. There is widespread speculation about changes to the tax-free lump sum and the possibility of pensions being subject to IHT in the future.
This uncertainty has prompted many savers to withdraw funds from their pension pots, which could adversely affect their long-term retirement plans.
Karen Barrett, chief executive and founder of Unbiased, emphasises the importance of seeking expert financial advice amid the speculation.
“It’s clear that many people in the UK are worried about the upcoming Autumn Budget, which is unsurprising considering the extensive media speculation,” she says.
“However, it’s important that you don’t act rashly and get expert financial advice to ensure you make the right decisions for your financial future.”
As the Autumn Budget looms, the surge in demand for financial advice highlights the public’s need for clarity and expert guidance to navigate potential changes and secure their financial future.
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Whether you’re looking for guidance with your pension, retirement, property or accounting, Unbiased can help by quickly matching you with an expert.
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