Here is how high earners are getting ready for the tax hikes in the Autumn Budget

Since last year, high-net-worth individuals' economic confidence has declined due to tax increases, and more suffering may be ahead

Since the Labour government took office, wealthy households' confidence in the UK's economic future has declined, especially with regard to taxes.

Since more than a year ago, when the Labour party won the 2024 general election, high earners have faced a number of threats to their wealth, including increased stamp duty charges, higher rates of capital gains and national insurance, and the termination of non-dom status.

There will be more changes in the future. Pensions will be subject to inheritance tax starting in April 2027, and the November 2025 Autumn Budget is anticipated to include additional tax changes.

It should come as no surprise that high-net-worth individuals' (HNWIs') confidence has declined, according to the most recent Saltus Wealth Index.

The percentage of HNWIs who are confident in the UK's economic outlook has decreased from 84% a year ago to 66%, although it was 48% at the beginning of 2025.

Tax increases are the main concern of one in four HNWIs, who also cite the economy entering a recession as their top worry.

HNWI confidence may be further eroded by the Autumn Budget for 2025.

According to rumors, there will be a national insurance tax on rental income and a capital gains tax on home sales over £1 million, which is essentially a wealth or mansion tax.

And what worries affluent households?

According to recent research from wealth manager Saltus, HNWIs' top concern is still taxes.

According to the Saltus Wealth Index, nearly half of HNWIs view tax changes as the biggest risk to their wealth, second only to inflation, and 78% of them anticipate more tax increases over the next 12 months.

According to four out of ten respondents, they expect income tax rates to rise.

Targets include reduced pension contribution relief and employers' national insurance, with 40% of respondents believing that reforms could be made in the upcoming year.

The majority of respondents also believe that capital gains tax will be targeted; 34% expect additional freezes, and 46% expect a rise.

It is anticipated that either the threshold at which it is paid will remain frozen or that inheritance tax rates will rise.

How wealthy people are safeguarding their fortunes.

The report states that most HNWIs are worried about the effects of upcoming tax changes and that many are already taking precautions to lessen the risk.

A third are thinking about ways to shield their pensions from inheritance taxes, and 30% are analyzing their retirement income or savings in preparation for changes to the law.

About one-third have established trusts or formally nominated pension beneficiaries, and 14% have imposed restrictions on inheritance and gifts.

Mike Stimpson, partner at wealth management company Saltus, stated: "High net worth individuals' confidence in the UK economy is showing some recovery, up from the lows we saw in January, but this is tempered by concerns about future tax changes and what the Labour Government will do next."

HNWIs are prepared for additional changes at the Autumn Budget, whether they pertain to inheritance, income, or capital gains taxes, because the Chancellor has little financial flexibility.

"This group is responsible for creating wealth, investing, and hiring people who propel economic growth; if their confidence is damaged by ongoing uncertainty, it will affect everyone."