Confidence among high-net-worth individuals has risen from 48% to 66%, according to the latest Saltus Wealth Index, though it remains well below the 84% recorded before Labour’s first Budget.
The survey of 2,000 people with £250,000+ in investable assets found 24% fear a recession, while 78% expect tax rises within a year. Nearly half see tax changes as the biggest threat to their wealth, with income tax, capital gains tax, and inheritance tax all flagged as likely targets.
To prepare, many are taking precautionary steps: a third are reviewing pensions for IHT protection, 35% have formalised beneficiary nominations, 34% have set up trusts, and 14% have added conditions to gifts or inheritances.
“Confidence is recovering from January’s lows, but concerns over tax policy under Labour remain front of mind,” said Mike Stimpson, partner at Saltus.