Now the Finance Act 2006 has received Royal Assent, advisers should embrace the new legislation which has created "significant business opportunities".
Skandia claims now the Act has been passed into law, after receiving Royal Assent yesterday, advisers now have the clarity to enable them to advise their clients on the changes, particularly to Inheritance Tax (IHT) and trusts, and to work effectively with other professionals such as accountants and lawyers. The company says research it has conducted reveals at least 500,000 clients belonging to advisers already have policies under trust with benefits which exceed the nil rate band for inheritance tax (IHT). And it claims this figure does not include clients who have pre-Budget trusts...
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