Politician Roy Jenkins in 1986 stated “Inheritance Tax, is broadly speaking a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue.”
Like our friend Boris, I would say he liked to be controversal! The point he was making is that there are a multitude of different ways to avoid Inheritance Tax if you are thoughtful enough to plan ahead.
I recently acquired a great handbook published by SIFA called “Financial Solutions for Estate Planning” 2017. This is designed for financial advisers and it details all the financial products and schemes available to legally avoid Inheritance Tax. I would point out the booklet is over twice as thick as my 2011 version, so there is no shortage of choice.
Whatever your views, it happens, and on an industrial scale.
My point is, you should talk to a financial adviser because the money you spend on advice can return to you or your ultimate beneficiaries 100 fold.
Before you start any financial engineering, you should write a Will or update your Will with a will writer that considers these aspects. There are mechanisms that you can use in your Will that can potentially save huge amounts of Inheritance Tax.