The firm questioned over 200 financial advisers and found more than two-thirds of advisers believe the tax system will get more complicated over the next few years.

Two-thirds also believe these changes will mean tax-planning will become more important for clients.

Some 70 per cent believe the changes will be due to changing government policy, ahead of the Budget on 21 March.

Some 59 per cent believe changes to the tax system will be used as an opportunity for the Government to raise extra revenue.

Julie Hutchison, head of international technical insight at Standard Life, said: “The complexity of tax and the speed with which legislation can change means it’s becoming more and more difficult for the consumer to understand the impact it can have on their savings and investments.

“Advisers must keep a close eye on any changes and understand how they could impact their clients. Highlighting their knowledge and insight to their clients could be significant in this important year of change in the industry.”

As well as the Budget, the Office of Tax Simplification has been conducting reviews of the UK tax system into topics such as inheritance tax and residency.

*Julie Hutchison has written an article on IHT changes in the next issue of Financial Planner, published 16 March.