The Potential IHT Insight is used to view the potential inheritance tax position for each year in the plan. It can be run for one plan or can be used to compare the potential inheritance tax positions between two plans within the same client record.
When running the Insight, if you leave the 'Comparison Plan' dropdown box set to 'No Plan Selected' the Insight will show the potential inheritance tax position just for the plan you have open. The red line plots the potential inheritance tax and the blue bars show the net worth. You can click/tap on a bar of the chart to view the underlying figures.
If you select a comparison plan the red line plots the potential inheritance tax for the plan you have open and the purple line plots the potential inheritance tax for the comparison plan. The blue bars show the net worth. You can click/tap on a bar of the chart to view the underlying figures.
Note that you can change which chart is displayed to any one of the other available charts by clicking the arrows to the left or right of the screen, swiping left or right on a touch screen, or by clicking the chart button. You may find the Assets chart more informative than the Net Worth chart.
This insight presumes that mortality occurs at the end of each plan year so will take account of any planning done during the year. For example if a trust is set up in year 2, the potential inheritance tax for year 2 will take this into account.
If you would like to investigate the legacy position for a particular year in more detail, you can set up a what if scenario using the 'change life expectancy' guided creation option. More detail on this can be found here: How to add a what if plan in AdviserGo.
You may wish to watch our recorded 'Insights and Reports in AdviserGo' webinar to learn more about using Insights: Insights and Reports webinar.