Towry Law is on the move, in more ways than one. Rated among Scotland's top independent financial advisers, the firm has just relocated from Glasgow's St Enoch Square to Corunna House in Cadogan Street.

''Our staff are delighted,'' says Colin Glass, Towry Law's regional manager for Scotland. ''Corunna House is in a better location, closer to other companies in the financial services sector and well placed for rail stations, the M8 motorway, the Clydeside Expressway and the airport - which matters because staff from major city firms fly up to meet us.

''Our new premises, which are air-conditioned, have dedicated interview rooms which offer privacy for client meetings.''

Towry Law advises individuals and companies on a wide range of financial products. For instance its specially licensed consultants give expert guidance on venture capital trusts, which offer generous tax breaks, and offshore bonds, where investors can benefit from tax deferred growth and freedom from capital gains tax. But the firm only recommends offshore investment in jurisdictions that have at least the same level of investor protection as the UK.

The new stakeholder pension regime is welcomed by Towry Law. ''We expect a huge rush of interest between now and October from firms with no pension schemes,'' Glass explains.

''As for individuals, we see stakeholder pensions as holding greatest attraction for non-working spouses and as a method of long-term provision for children and grandchildren. Even if you have no earnings from employment, you can contribute as much as #2808 a year. The Government, by adding in notional tax relief at 22%, then brings your investment up to #3600.''

Towry Law urges investors to review their PEP holdings. ''There are 1600-1700 different funds, offering either income or accumulation units or both,'' Glass points out.

''Many people have held on to their PEPs solely for tax reasons, fearing the loss of tax sheltered status. But the transfer of PEP holdings may well be a better answer. The tax tail should never wag the investment dog.''

There are powerful reasons, he maintains, for undertaking a thorough PEP review. ''A PEP may have been taken out for growth, but the priority could now be income. Or it may have performed poorly, perhaps because it was bought without independent advice.''

''We at Towry Law assess performance against either the peer group, such as other UK income PEPs, or the market as a whole. We suggest transfer if a PEP underperforms by more than 15% over three years. Before giving advice on transfer to another PEP, we consider factors like the investors risk profile. We give specific reasons for our recommendations.''

Another good reason for reviewing PEP holdings is there is no longer any distinction between general PEPs and single company PEPs (SCPs). This change, which aligns PEP rules with those for ISAs, means instead of having to hold the shares of just one company in each SCP, investors can now hold collective investment funds like unit trusts.

Glass says: ''Since SCPs are inherently more risky, investors should take the chance to move into general PEPs, even where an SCP has done well. Another advantage is that there is no longer any geographical restriction on where you can invest your PEP funds. The UK represents only 10% of the world market, so there is a strong argument for a wider spread of investments.''

If you are looking for secure returns, Towry Law suggests considering with-profit bonds, especially in today's turbulent stock markets.

As well as providing more predictable growth, a with-profit bond can be used to create regular income. And it can also simplify tax affairs, as there is nothing to declare on self-assessment tax returns for 20 years, if no more than 5% of the amount invested is withdrawn on an annual basis. Encashment of a bond is normally penalty-free after five years.

''These bonds are extremely popular with retired investors, especially those who consider their speculative days to be over,'' Glass explains.

''Current returns, though decreasing, are still three to four times the rate of inflation and more than double what you can get from high street deposits. We at Towry Law are confident they will continue to offer substantial outperformance.''

Glass identifies three factors to help determine the choice of with-profit bond. ''The first is the financial strength of the company issuing the bond, which gives a good indication of its ability to sustain bonus rates, even if markets turn down. The second is the charges that are levied as these can vary a lot.

''The third is the need to stand back and adopt a wider perspective. For example, some firms may tempt you with higher initial allocation rates. Others may supplement bonus rates for the first year. But what is important for the investor is not to be influenced by a single element, but to weigh all the factors and reach a balanced view.''

That is where Towry Law comes in. The firm's extensive research, constantly updated, enables it to draw to clients attention those with-profit bonds that offer best value at any given time. ''At the moment, we have negotiated enhanced rates for two excellent bonds in which we have every confidence,'' Glass says. ''These are issued by Norwich Union and Legal & General. Our research shows that Norwich Union has delivered returns in excess of 10% per annum over five and 10 years.''

l Roy Jenkins famously called Inheritance Tax (IHT) ''voluntary levy paid by those who distrust their heirs more than they distrust the Inland Revenue''. Voluntary or not, IHT is certainly capable, in Towry Law's view, of being minimised or perhaps even eliminated by prudent planning.

''The nil rate band for IHT has now been raised to #242,000, but everything above that is taxed at 40%,'' explains Colin Glass. ''In addition, house values have soared. When these are added to savings and insurance policies, far more individuals are now liable to fall into the IHT trap. Fortunately, there has also been a culture change, with people increasingly reluctant to let the government take their funds away, so the demand for measures to mitigate IHT has risen dramatically.''

A wide range of possible solutions can be devised, depending on the needs of the individual. Independent financial advice - always a sensible step to take - is all the more essential in such an intricate and little understood area as IHT, where potential savings can prove to be high, but pitfalls abound.

''At Towry Law, we are able to draw the attention of our clients to certain IHT exemptions that not many people even know exist, but which can quite legitimately be utilised,'' Glass points out. ''For example, there is the 'normal expenditure' exemption, which could enable you to make regular gifts to a much higher value than the usual annual limit of #3000. This is normally permissible as long as such gifts are made out of your regular surplus income, as opposed to capital, and do not have the effect of reducing your normal standard of living.''

In response to growing awareness of the impact of IHT, more and more sophisticated inheritance plans have appeared on the market - e.g. will trusts, whole life in trust plans, back-to-back plans, loan trusts, family wealth trusts and inheritance protection plans.

''Towry Law's Inheritance Tax advisory service can help you and your family,'' Glass says. ''We can offer guidance on areas like immediate exemptions, potentially exempt transfers and business assets relief. We can advise on, and arrange, the most suitable inheritance plans. This has become such an important area of tax planning that it is sensible to make provision sooner rather than later.''