Isle of Man-based The Qrops Bureau has unveiled a new trust and estate planning service, dubbed QTEPS, for financial advisers.

The new service will offer advisers independent technical support in the trust and estate planning space. The firm said it will develop a suitability report using a fact find questionnaire that will assess a client’s circumstances and objectives and recommend an ideal solution from a panel.

A standard suitability report will be available at a cost of £1000, while chartered tax adviser input will come at additional cost.

The panel at QTEPS will comprise commonly used trusts including discounted gift trusts, discretionary trusts and loan trusts. The trusts can be accessed at a low fixed initial and annual fee, the firm added.

“With IHT at 40% and tax receipts each year to HMRC of more than £4.7bn, there is a clear opportunity for advisers to raise the need for advance planning with their clients,” the firm said.

The new proposition will be led by Bob Easton, who serves as head of trust and estate planning at the firm.