More than 40% of Isle of Man residents surveyed said they had already taken steps, or were preparing to take steps, to protect their wealth amid concerns about possible UK tax changes, according to research by Canaccord Wealth.

The survey was conducted and published before Chancellor Rachel Reeves delivered her Autumn Budget on 26 November, so reflects sentiment ahead of confirmed fiscal measures rather than a reaction to them.

Canaccord Wealth, which has an established presence on the Isle of Man, found that 43% of respondents had either already acted or were planning to act in relation to their assets. Of those surveyed, 36% said they were considering moving assets out of the UK, while 7% said they had already done so.

The research also suggested most respondents had limited exposure to UK tax. The firm said 86% were assessed as having low UK tax exposure, based on factors including time spent in the UK, historical UK residency and the value of UK-based assets.

In the actual Autumn Budget, Ms Reeves announced a package of tax measures designed to raise revenue without increasing headline rates of income tax.

These included extending freezes on personal tax and National Insurance thresholds until 2031 and tightening reliefs on pension salary sacrifice schemes, among other changes aimed at broadening the tax base.

The government also introduced a high-value council tax surcharge on properties worth over £2 million and increased taxes on property, savings and dividend income as part of efforts to bolster public finances.

Tom Richards, head of wealth management at Canaccord Wealth, said the firm was seeing growing unease among Isle of Man clients about potential UK tax changes.

‘Clients are asking whether now is the time to act, and our advice is to take a strategic approach. Wealth planning should be proactive and thoughtful, not driven by headlines or uncertainty,’ he said.

The survey was carried out between 27 October and 17 November and included 14 respondents from the Isle of Man. Responses were anonymised and aggregated for analysis.