IFA concern growing around tax changes

Independent financial advisers (IFAs) are increasingly concerned about tax changes, according to Opinium’s latest IFA Barometer.

Over a third (35%) of IFAs listed tax changes as one of the biggest challenges they’re facing at the moment, a figure which has risen by eight percentage points since September last year.

Opinium’s IFA Barometer, based on an online survey of 200 UK IFAs, tracks adviser views on the issues most affecting them and their clients.

The latest iteration of the research also indicated that while tax matters are a growing challenge, it remains secondary to the burden of compliance and regulatory changes, with 72% of IFAs citing this as their primary concern.

Other main challenges IFAs are facing include implementing Consumer Duty (31%), supporting clients through economic uncertainty (30%), and adopting AI (15%).

Global head of financial services research at Opinium, Alexa Nightingale, commented: “It’s no surprise that tax challenges have risen in importance for IFAs since Rachel Reeves’ Budget.

“Not only are IFAs needing to help clients navigate the immediate and upcoming changes to the likes of capital gains tax, VAT on private schools and inheritance tax rules, but they have also had to work through tax changes that affect their own firms, such as employer NICs.

“As IFAs grapple with these challenges, all eyes will be on Reeves for her Spring Forecast on 26 March, to see whether further tax changes should be anticipated in the year ahead.”



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