Wealthy clients are increasingly seeking advice on inheritance tax and estate planning amid growing speculation ahead of the Autumn Budget, according to wealth manager Rathbones.

It reported that interest in inheritance-related matters has risen sharply since the start of summer.

Its research showed that two-fifths, 43%, of clients expect to need advice on inheritance and estate planning over the next year.

Pensions, retirement, and later-life planning also remain key concerns, cited by nearly a fifth, 19%, of respondents. Other notable topics included tax efficiency at 14%, gifting at 11% and cashflow management at 5%.

Simon Bashorun, head of advice at Rathbones Private Office, said: “With the Budget not due until late November, we face a prolonged period of speculation. The reluctance - or perhaps inability - for the Treasury to quash rumours, is a bane to Financial Planning.”

He said clients are keen to get ahead of any potential changes, particularly around inheritance tax, gifting, and retirement planning.

He said IHT is one of the most widely discussed areas of potential reform. Speculation includes capping lifetime gifts, extending the seven-year survival period to 10 years, and tightening taper relief. On pensions, the government may consider reducing the portion of a pension pot that can be received tax-free as a way to raise revenue.

Mr Bashorun added: “Since the significant changes to the inheritance tax (IHT) regime in the last Budget, speculation has continued to swirl. Clients, especially those with seven-figure pension pots, are reassessing their long-term plans and asking whether they should act before the Autumn Budget.

“With an estimated £5.5trn expected to pass between generations over the coming decades, it’s likely that governments will seek to claim a greater share. A tightening of current gifting rules cannot be ruled out.”

• The findings were based on a focus group of 460 Rathbones clients with up to £5m in investable assets.