Unlike most other plans, they are based on unit trusts. This means that they are inexpensive, transparent and, unlike offshore plans, there are no income tax timebombs. The trusts on which they are based have been confirmed by the Inland Revenue to be free of the pre-owned assets tax. The plans have been devised by Nick Chadwick, one of the most original thinkers in the financial services world. The three plans are the Way Flexible Inheritor plan, which offers total freedom from inheritance tax after seven years plus considerable flexibility over payments to the donor and other beneficiaries; the Way Discounted Inheritor plan, which permits an investor to select his own pattern of future reversions from the trust, the value of which acta as a discount on the value of the initial gift into the trust; and the Way Gift and Loan Inheritor plan, which is a flexible means of achieving progressive mitigation against inheritance tax. Investments in the plan are linked to the Way global portfolios, which are now managed by Richard Timberlake and his team at IMS. Timberlake has recently been honoured by Citywire, which has chosen the five fund managers who have added the most value for their investors over the past five years because of the consistency of their management over a difficult period. Timberlake’s performance showed a 36.6 per cent profit compared with the worst manager in the sector who lost 39.1 per cent. These are plans which every IFA should consider before taking the expensive and less tax-efficient offshore route.