Financial advisers say they are seeing significant concerns and changes to financial behaviour from their clients due to speculation around which policies the Chancellor may announce in this month’s Budget.

Three quarters (77%) said clients have raised concerns about changes to pension tax relief in the upcoming Budget.

Two thirds (64%) reported concerns about a wealth tax, according to a new Opinium survey conducted among advisers last month.

More than half (54%) said clients are concerned about introduction of CGT on sales of primary residences and NI on private rental income (55%).

One in ten IFAs (9%) said they have clients who have moved their assets offshore or abroad due to Budget concerns.

Nearly three in five (58%) IFAs surveyed reported that their clients have made withdrawals from pension lump sums due to speculation about changes to pension tax relief ahead of the Budget. One in ten (11%) said that Budget speculation has also led to some clients making plans to delay their retirement.

A quarter (26%) of IFAs said they have seen clients sell private rental properties, as rumours swirl that the Chancellor intends to make rental income subject to National Insurance. A quarter (24%) also report that clients have brought forward disposals, with 22% saying their clients have been crystallising unrealised gains or losses ahead of the Budget, as uncertainty mounts around potential changes to the tax system.

Nearly one in five (18%) said that their clients have delayed transactions, such as house purchases, reflecting concerns around rumoured new property taxes. A similar proportion (17%) reported clients increasing their cash holdings, and one in ten (9%) say they have clients who have moved their assets offshore or abroad due to concerns around the Budget.

James Endersby, CEO of Opinium, said: “Our research highlights the degree to which Budget speculation is already influencing financial behaviour. With rumours of major tax changes growing, many IFAs are seeing clients act pre-emptively, from drawing down pension lump sums to offloading rental properties.

“This level of activity underscores the deep uncertainty about what the Chancellor may announce in the Budget. While we don’t yet know how much of the speculation will be borne out, the impact is already being felt in people’s financial behaviour.”

• Opinium conducted a survey of 200 IFAs between 8 and 17 October.