Inheritance tax (IHT) remains “the top priority for reduction”, according to the latest survey of UK taxpayers. But while the chancellor shows no sign of making any further moves to reduce the tax imposed – beyond the transferability of the nil-rate band announced in October’s pre-Budget report – there are some new schemes that can reduce the taxable values of an estate.

According to research by chartered accountants MacIntyre Hudson, 83 per cent of taxpayers now consider IHT to be “an unfair tax on wealth that has often been built up out of post-tax income”.