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IFAs still unsure on IHT changes

A quarter of IFAs are still unsure about recommending inheritance tax planning products following the changes brought in at the last Budget.

Twenty per cent of the 200 advisers surveyed by Friends Provident say they are unsure about giving advice on IHT, while 4 per cent say they are very unsure.

But only 8 per cent of advisers say they are still in the dark about the changes affecting trusts and wills, and 28 per cent say they have a good understanding of the changes.

Only 9 per cent of IFAs say their client base is unaffected but 72 per cent of advisers say the changes have not reduced average premium size.

Friends Provident head of wealth management Christine Foyster says: “The inheritance tax changes came as a bolt from the blue which shook the industry. There was a danger that consumers would switch off from IHT planning because of confusion surrounding the new rules.

“But these figures are a really positive indication that we are going in the right direction. In any education process, it is a journey and the industry has made good progress. By the time we get round to the next Budget we should be pretty much there.”


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