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More education needed for IHT says Close

Close Investments claims more education and information about inheritance tax is required if people are going to fully understand its implications.

The firm surveyed 200 advisers and only 26 per cent believed their clients completely comprehended the implications of IHT. A significant 95 per cent of advisers believe more education or information is needed as an increasing number of people now find the total value of their assets brings them within the scope of inheritance tax.

Assistant director specialist sales Robert Meyer says Britain’s housing boom has created an asset rich population heavily weighted towards baby boomers who are still waking up to the fact IHT will affect them and their beneficiaries.

He says: “With the explosion in the numbers of people affected by inheritance tax there is a need for broader advice and new avenues of enquiry. The traditional trust fund approach is not necessarily appropriate for someone who’s greatest asset is their detached four bedroom house in Surrey.”

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