Glenn, can you give an example of someone that you’ve helped substantially in relation to inheritance tax.

Yes there was a case recently where 4 clients of mine, 3 brothers and a sister, came to me for some advice. Effectively their parents owned a property in West London, worth in excess of 1 million.
The property was is its entirety, a whole house, a 4-storey house whereas all the other houses on the square had been converted to flats.

I suggested they do some serious tax planning, rather than just allow the husband to leave everything to the wife on his demise and vice versa.
Sadly they didn’t take this advice, and, subsequently the father has died, the wife inherited the estate, and had sold the property, and made some money, downscaled.

However the issue now stands that she has in her estate a whole portfolio worth coming up to about 2 million. She hasn’t done the tax planning, and sadly in her demise they are looking at a tax bill of at least £400,000 inheritance tax.

I feel that had we actively marketed this idea, looked at it, 5 or 6 years ago, she would be in a position where we could wipe out most or perhaps all of that tax, and each of those 4 children would have benefitted to the tune of £100,000.