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Octopus Investments added that it has 100 per cent inheritance tax relief after two years, a high degree of capital protection, greater access to assets and the flexibility to choose the level of income required.

The solution has the potential to break new ground in the tax planning industry by offering the fastest and most flexible route to inheritance tax mitigation, Octopus added.

Simon Rogerson, chief executive of Octopus Investments, said: "Effectively, it offers a wide range of clients with different circumstances a faster and more flexible solution to inheritance tax mitigation.

"It maximises the inheritance tax relief through the discounted gift trust immediately, while providing the fastest 100 per cent relief available through Octopus Secure ITS."