A Recent Study Predicts Greater Demand for Inheritance Tax Advice

Prudential have carried out new research showing that financial advisers are forecasting a sharp rise in demand for Inheritance Tax advice. It was found that 7 out of 10 advisers interviewed expect demand for IHT planning to grow over the next 12 months. However 17% of advisers feel that due to regulatory changes, they are not sufficiently confident in advising on IHT issues and are looking to develop links with legal firms.

The study shows that part of the increase in demand for IHT is due to the new IHT rules that came into effect in April this year. These rules are complex and comprise an additional £100,000 per person residence nil-rate band. This limit will increase each year and complements the standard nil rate band to provide a potential £1million IHT allowance for a couple in 2020/21

Increased access to pension savings as a result of Pension Freedoms and the ability to leave pension wealth to family as well as rising property prices are other major factors.

Paul Harrison, Head of Business Consultancy at Prudential commented “Rising property and pension wealth are making it increasingly important for advisers to be able to help clients with specialist advice on IHT planning and demand for advice is booming.”

“One specialist area that is driving demand for IHT advice is enquiries about using trusts”

If you would like advice on inheritance tax planning then please contact a member of our Private Client Department who will be happy to help you. Please find out more at http://www.mitchells-roberton.co.uk

This entry was posted in Legal by Elizabeth Baker. Bookmark the permalink.

About Elizabeth Baker

Elizabeth is our Business Development Manager. She has a degree in both English Literature and Law from Glasgow University. After graduating in 1983 she served her traineeship as a solicitor in Oban. When she was admitted as a solicitor her first job was at Mitchells Roberton in 1985 so she is a well known face. She spread her wings and joined other firms along the way and had a successful law practice under her own name for some years. She returned to Mitchells Roberton in 2011 and works primarily to enhance the marketing of our firm. With her excellent links with small business and the media in the greater Glasgow area, she is well placed in the role and generates a good deal of referrals and new business. Elizabeth is a people person and naturally connects with both staff and clients. Elizabeth has two grown up children and loves walking her dog, travelling and reading literature.

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