RegulationMar 2 2012

Clients seeking more tax advice, Standard Life

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ByMichael Trudeau

Seven out of 10 advisers think the UK tax system will become more complicated due to changing government policy and legislation, research from Standard Life suggests.

In a survey of 213 financial advisers conducted by YouGov, 68 per cent of advisers said they expect the UK tax system will become more complicated in the next few years.

Carried out in advance of the Chancellor’s Budget on 21 March, the survey also showed 70 per cent of advisers believe the tax system will become more complicated as a response to the current financial climate.

Almost six out of 10 respondant advisers believe it will allow the government greater opportunity to raise extra revenue.

Julie Hutchison, head of international technical insight at Standard Life, said: “Tax is becoming an increasingly complex area of advice. The frequently changing nature of the UK tax system makes it very hard for the public to understand how they’re impacted.

“Advisers that are able to interpret the changes to the benefit of their clients will quickly demonstrate the value added service they can bring to them.

“And in a year of significant change for the advice process, this may prove to be invaluable.”