Feb 22 2007
Over 90 per cent of independent financial advisors (IFAs) expect to be dedicating more of their time to inheritance tax (IHT) planning in the future as property price increases push more families over the threshold, it has been reported.
Research from Zurich shows that following revisions made to the finance act last year, almost two-thirds of IFAs now consider themselves knowledgeable on the subject of IHT planning.
However, they also believe that almost three-quarters of their clients do not fully understand how IHT works and how it can affect them, with less than a quarter taking any action to protect themselves against it.
Zurich found that, at present, 50 per cent of IFAs spend less than 10 per cent of their time advising clients on IHT. However this is expected to rise, with 91 per cent of IFAs believing IHT planning will account for more of their business going forward.
Paul Wright, investment management director at Zurich, commented: "Zurich's recent roadshows on IHT were very popular, with exceptional demand from IFAs."
Research from Scottish Widows shows that 41 per cent of UK households are now liable for inheritance tax, up from 34 per cent last year.
