More than two out of three advisers asked by HSBC Life (UK) said that Financial Planning was getting harder because of changing tax rules and wider turmoil.

HSBC Life's 'The Three I’s of Investable Capital' report, produced in association with consultancy Technical Connection, found that 69% of advisers believe making investment, taxation and Financial Planning decisions has become more difficult in the past five years.

Their concerns are mirrored by their clients with 62% of advised clients agreeing financial decision-making has become more challenging.

The report covered the capital investment landscape and the advantages of tax-effective investment wrappers, such as onshore bonds, together with the underlying investment products available.

It analysed the tax changes included in 2022’s Autumn Statement and this year’s Budget on income tax, pensions, capital gains tax, and dividend taxation, and focuses on investment for capital growth, income, and intergenerational transfer.

The report highlighted that around 63% of tax receipts in 2023/24 will be delivered by income tax, national insurance contributions and VAT, underlining how tax from individuals is a significant source of income for the Treasury.

Capital gains tax is projected to deliver 1.9% of receipts while IHT will produce 0.8%.

Mark Lambert, head of Onshore Bond Distribution, HSBC Life, said: “We hope that the insight secured from the research for the report will contribute towards better adviser understanding of potential investor concerns and aspirations in relation to investable capital, both important considerations in delivering good customer outcomes, a key component of the new Consumer Duty rules.”

• Research was conducted among a geographically representative sample of 200 advisers across the UK representing 200 companies who were interviewed on the phone. The sample was weighted to be representative of assets under management and number of RIs. Consumer research was conducted online with a sample of 1,000 clients with a minimum of £25,000 investable assets who currently have a financial adviser or saw one within the last three years. The sample was weighted to be geographically representative.