A police probe has been launched into the collapse of an inheritance planning wealth management firm.

WAY Investment Services has urged the Office of Tax Simplification to “focus on simplification” in its IHT review, by scrapping the Residence Nil Rate Band (RNRB) and aligning the rules for AIM with the rules for gifts.

A record £5.2bn was received by HMRC in the last tax year and it is thought middle and working class families may also have to contribute in the future. 

New research has shown many over-55s who use an IFA for financial advice have not considered Inheritance Tax planning.