So, you want your family to pay more inheritance tax on your death? How very public spirited of you! HMRC will take your money, the chancellor will watch the exchequer grow - but your executors won’t be getting any thank you notes for your post-death generosity, says Mike Fleming.
Let’s take a look at what you can do in your lifetime to reduce the amount of IHT your family will have to pay when you die. An opening caveat - when does proper tax planning transgress into unacceptable avoidance or even evasion? The answer: who at this time really knows? Not even HMRC seem to know with any degree of certainty and the expected introduction of a GAAR (General Anti-Abuse Rule) will only further muddy the waters.