Uncertainty around tax changes in the upcoming Autumn Budget is affecting people’s financial planning, new research has found, with nearly eight in 10 (78%) respondents saying it’s affecting their planning or investment decisions.
The survey by financial advice firm Quilter of 267 clients, conducted in October 2025, found that one in three (33%) said tax uncertainty is significantly impacting their decisions, while a further 45% said it is affecting them slightly. Only 18% of those clients said it is having no impact at all.
The findings come ahead of a highly anticipated Budget expected to include a number of tax changes, including an income tax rise, potentially coupled with a National Insurance cut, changes to cash ISA limits and tweaks to the cash-free lump sum allowance from pensions.
Inheritance tax (IHT) and income tax ranked as the taxes causing the greatest concern among respondents at 46% and 41%, respectively.
While customers were concerned about changes, nearly half (48%) said they would prefer any future tax rises to be explicit rather than stealthy, like extending frozen thresholds or reducing allowances.
Rachael Griffin, tax and financial planning expert at Quilter, said: “These findings underline just how sensitive financial planning has become to the constant swirl of budget speculation. People crave stability and clear communication, but the cycle of rumour and reform is fuelling anxiety and indecision.
“The fact that nearly eight in ten people say tax uncertainty is influencing their investment or other financial planning shows just how important clarity has become.
“Many are trying to make long-term decisions in an environment where the rules could change with little notice. That makes the role of professional advice even more vital in helping people stay focused on their goals rather than reacting to every headline.”
