Ahead of the UK’s Autumn Budget this month, where changes to inheritance tax exemptions and gifting could be made, a new survey by wealth manager RBC Brewin Dolphin shows that many UK individuals have still not started gifting.

A new survey by UK wealth manager RBC Brewin Dolphin shows that nearly three quarters of affluent individuals (73 per cent) have never made a financial gift as part of their annual gift allowance. The findings appear surprising because gifting is a way for people to reduce certain tax obligations - a major consideration as the UK government is expected to hike taxes later this month.

The survey was conducted in partnership with Find Out Now between 22 and 23 October 2025 showing the views of 1,030 UK individuals with either personal income over £100,000 ($131,000), investable assets over £500, 000, or a house value of £1 million plus. It found that only 27 per cent of overall respondents have made a gift in their lifetime.

While this figure jumps to 39 per cent amongst those aged between 65 and 74 and 45 per cent for over-75s, the research highlights that overall levels of lifetime gifting remain low across all age groups.

The statement comes ahead of the 26 November Autumn Budget where UK Chancellor of the Exchequer Rachel Reeves could introduce further changes to IHT exemptions, following changes to pension taxation and the business and agricultural land reliefs that she has already targeted. Rumours include the suggestion that Reeves could introduce a gift cap and/or changes to the tapering rules on gift allowances. There have also been reports that she is considering axing the primary residence nil rate band exemption as well as including a wealth tax, a so-called mansion tax, and further increases in capital gains tax 

RBC Brewin Dolphin said that the budget, which is due to be published later this month, will do little to motivate individuals to start gifting. Despite changes to inheritance tax being the most common concern (51 per cent), only 15 per cent of respondents have accelerated gifting to their family over the past year.

However, of the minority who are gifting, the rumours of upcoming changes have encouraged over half of respondents to increase the number of gifts they are making (51 per cent) as well as their value (54 per cent), the survey reveals.

“It’s clear that while many affluent individuals are concerned about potential changes to inheritance tax, an overwhelming majority – across all age groups – are still not taking advantage of their annual gifting allowances,” Michelle Holgate, financial planning director at RBC Brewin Dolphin, said. “Among those who have started gifting, our research shows that children, grandchildren and charities are the most common recipients of financial gifts, highlighting a strong desire to support loved ones and give back to good causes.”

The level of concern is high
Nearly four in five of those surveyed said they are concerned about the upcoming budget (78 per cent), with over a third extremely concerned (36 per cent).

Over half are concerned that the IHT thresholds – the £325,000 nil-rate band and the £175,000 residence nil-rate band – have been frozen until 2030, meaning that more estates could be drawn into paying the tax as house prices and inflation rise.

The survey also reveals that concerns over IHT are followed by worries over frozen income tax thresholds (48 per cent), and potential changes to pension tax relief (47 per cent).

The financial advice gap
Amongst those who are concerned about the upcoming budget (78 per cent), only 10 per cent have reached out for financial advice in the past year, with a third continuing to receive financial advice. More than half (60 per cent) do not receive any advice at all.

However, the findings offer some reassurance that most people are avoiding knee-jerk financial decisions, the firm continued. Of those aged over 55 who have not yet withdrawn their tax-free pension lump sum, 85 per cent said they are not tempted to do so ahead of the budget.

Instead, many are taking proactive steps to strengthen their long-term finances. Seventeen per cent of individuals report having increased their pension contributions since the last budget, rising to 32 per cent among respondents who earn more than £100,000 a year.

“It’s a relief that most people are not making impulsive decisions in response to uncertainty around the upcoming Budget and are instead taking sensible steps to help build their long-term finances, such as increasing pension contributions,” Holgate added. “However, there remains a huge gap between those who are concerned about the impact of potential tax changes and those who are taking action and seeking out professional advice. Especially during times of uncertainty, financial planning is an essential tool that can empower individuals to manage their wealth effectively and balance their needs of today with their goals of tomorrow.”

RBC Wealth Management directly serves affluent, high net worth and ultra-high net worth clients globally with a full suite of banking, investment, trust and other wealth management solutions, from operational hubs in Canada, the US, the UK, and Asia. RBC Wealth Management has over C$4.8 trillion ($3.4 trillion) of assets under administration, over C$1.4 trillion of assets under management and more than 6,000 financial consultants, advisors, private bankers, and trust officers.

See more commentary about the Autumn Budget here and here.