Concerns about the impact of tax changes in the Autumn Budget have led to more people seeking financial advice, Rathbones has found.

The investment management firm’s study revealed that 15% of adults have consulted or plan to consult a financial adviser as a direct result of speculation around the first Labour Budget on 30 October.

Rathbones found that the most popular topic that people consulted a financial adviser about was selling investments to avoid any changes to capital gains tax (CGT), with 35% stating they are concerned about possible CGT changes that would bring it in line with income tax rates.

More than a quarter (27%) contacted a financial adviser to discuss rebalancing or diversifying their investment portfolios, while the same number are looking at switching investments into cash.

Other key concerns included setting up trusts ahead of possible changes to inheritance tax, which was being considered by 18%, while 16% are looking at paying off mortgages earlier than they had originally planned to free up income.

Fourteen per cent who have consulted or plan to consult a financial adviser will ask about selling or closing their businesses, and 13% will ask about selling some of their buy-to-let properties.

The study also highlighted "high levels of concern" around the Budget, with a third (33%) of respondents stating that they are "very concerned" about the impact of personal tax changes or increases in the Budget, while 47% are "quite concerned". However, a fifth (20%) said they are unconcerned.

Senior financial planning director at Rathbones Group, Faye Church, said: "Speculation has been rife about measures that will be announced in the Budget with people becoming increasingly concerned about the impact on their investments.

"This speculation has resulted in more people consulting or planning to consult a financial adviser, with investments top of the agenda. The decisions people make could have a profound impact on the quality of their life in retirement in the short, medium and long-term, so it’s imperative not to be hasty and to plan properly."

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