The doubling of the amount of inheritance tax collected by the Inland Revenue over the last 10 years to over £2.3bn in 2001/02 from £1.2bn in 1992/93 presents a growing opportunity for advice for IFAs says Scottish Equitable.
The provider says the number of people likely to be hit by IHT is likely to have soared as the average property price rose 21 per cent in the 2002/03 tax year, compared to a 2 per cent rise in the nil rate band for inheritance tax.
ScotEq is launching a new marketing campaign which is aimed at making inheritance tax planning easier for IFAs to explain to their clients.
The campaign uses an interactive inheritance tax calculator that helps advisers work out clients' potential liability and an interactive flow chart that sets out strategic solutions.
ScotEq technical manager Margaret Jago says: “The amount of inheritance tax paid in the UK has mushroomed over the last 10 years and represents a huge potential market for IFAs. Rising property prices means more people than ever before are affected and worryingly many may not even be aware that they are.”