Tax fears dominate investor sentiment as pension changes trigger a wealth-planning rethink

Higher taxes have overtaken inflation, interest rates and market volatility as investors’ biggest concern. Many are now reviewing estate plans, reassessing tax-efficient investments and, in some cases, questioning whether the UK remains the best place to live.

• 96% expect taxes to rise
• 61% have considered leaving
• 72% are concerned about pension IHT

The findings come from a July 2026 survey of 590 investors by Wealth Club. The millionaire comparison covers 342 respondents who reported overall wealth above £1 million, including their home, pensions, assets and investments.

Tax has become a bigger concern than markets or the economy.

Almost half of respondents (45.4%) identified higher taxes as the greatest threat to their wealth. Government policy ranked second at 27.8%; inflation attracted just 3.6%.

The expectation of further rises is almost unanimous. Some 96.2% believe taxes will definitely or probably increase over the next 12 months. Only 1.2% think they probably or definitely will not.

Among millionaires, concern is slightly stronger: 47.4% cite higher taxes as the biggest threat to their wealth. Inheritance tax is their most commonly selected potential tax concern, followed closely by wealth taxes and capital gains tax.

Tax is influencing more than investment decisions. While concerns about emigration are sometimes associated with the very wealthiest individuals, the survey suggests the sentiment is more widespread.

Nearly one in five respondents (18.2%, including those already non-UK resident) say they are considering leaving the UK or have already become non-UK tax resident. A further 43.0% have considered leaving but are unlikely to do so.

Taken together, 61.2% have at least considered leaving or have already changed their tax residence. Sentiment was similar among respondents with wealth above £1 million, where 60.5% said they had at least considered leaving or had already changed their tax residence.

Family ties, business interests, age and health make relocation impractical for many. Even so, Portugal, Cyprus, Malta, the United States, Italy and Singapore were among the destinations named by respondents who answered the follow-up question.

The overall survey received 590 responses. The millionaire analysis includes 342 respondents who selected wealth of £1 million to £5 million, £5 million to £10 million, or more than £10 million. Wealth was defined by the survey as including the respondent’s home, pensions, assets and investments. Base sizes vary because some questions were conditional or optional. Results describe this survey sample and should not be treated as representative of all UK investors or all UK millionaires.

The survey was conducted by Wealth Club, the UK’s leading non-advisory investment platform for high-net-worth and experienced investors.