Ann: FUMA as at 31 March 2018, page-3

Technically yes. But in practice, I think the impact will be minimal. There tend to be two main reasons why people use investment bonds. One is as an estate planning or intergenerational wealth transfer tool. The second is as an alternative to super as a way to get around contribution caps. A marginal change in the individual tax rate doesn't really impact those strategies.

Also, you have to remember that the biggest marginal tax advantage to users of an IB is for those in the top tax bracket, who tend to be the biggest users. And the proposed changes are (I think) only about the low/middle brackets.