More than half (52%) of advisers say their clients will be impacted by the rule change.

The decision overturned a previous ruling that would have seen HMRC claim inheritance tax on properties placed in trust decades ago.

Two thirds of IFAs recommend clients increase the retirement income they take and three quarters re-evaluate the role of annuities.

Reeves says stricter rules on inheritance tax will raise more than £2bn.

Around one in seven have consulted or plan to consult a financial adviser over potential changes in the Budget.

The reconsideration could switch the focus back towards capital gains tax and inheritance tax.