According to deVere United Kingdom, since the Government announced earlier this year that the threshold [assets of £325,000 or £650,000 for married couples] from which IHT is charged at 40% would be frozen until 2018, 73% of all clients are now focusing on inheritance planning.

Mitch Hopkinson, head of East Midlands at deVere United Kingdom, said: “Since the Chancellor George Osborne confirmed that the IHT threshold would remain frozen, it really has become a major issue for the majority of our clients – not just the high net worth individuals for whom it was originally intended when it was first introduced.

“This is largely because, despite the recent economic situation, property prices – particularly in London and the south east – have continued and will continue to increase, meaning that an estimated million more people will be dragged into the IHT net over the next few years.”

The report highlighted that after retirement planning, inheritance planning is now the top priority for almost three-quarters of our UK clients.

Hopkinson added: “Inheritance tax is regarded by many as the cruellest of taxes. You spend your whole life paying tax through your income, your savings and investments and even in retirement on your pension, only to have another% of everything you have amassed over the tax free threshold of £325,000 snatched back by the Inland Revenue!”