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Estate Planning in Volatile Markets: Strategies for Inflation, Recession, and Geopolitical Risks

· 19 min

Executive Summary

Economic volatility presents both heightened risks and strategic opportunities for estate planning. With CPI inflation at 3.4% as of December 2025 eroding the real value of frozen nil-rate bands, and GDP contracting 0.1% in the three months to October 2025, advisors must adopt dynamic, scenario-based planning frameworks.12 The regulatory landscape has undergone fundamental transformation: the residence-based inheritance tax regime became operational from 6 April 2025, pension death benefits will fall within IHT scope from April 2027, and Agricultural Property Relief/Business Property Relief reforms from April 2026 introduce a GBP 2.5 million combined allowance.345 This article examines how volatile market conditions specifically interact with estate planning mechanics, covering valuation timing strategies, the underutilised loss relief provisions of IHTA 1984 ss.178-189, inflation-hedging structures, and cross-border complexities in post-Brexit succession planning. Practitioners will gain practical frameworks for client advice during uncertain economic conditions.

1. Introduction: The Volatile Planning Environment

The convergence of inflationary pressures, economic stagnation, and regulatory upheaval has created an estate planning environment that demands active, rather than passive, advisory approaches. Static estate plans, once reviewed quinquennially, now become outdated within months as economic conditions shift and legislative changes accumulate.

The Office for National Statistics reported CPI inflation of 3.4% in the 12 months to December 2025, up from 3.2% in November, while CPIH reached 3.6%.1 Real GDP grew just 0.1% in Q3 2025, with the three months to October 2025 showing a 0.1% contraction representing the first three-monthly fall since December 2023.2 Unemployment increased to 5.1% in the three months to October 2025, with payrolled employees falling 0.6% annually in November 2025.6 The OECD projects continued downward pressure on UK GDP from net trade throughout 2026.6

Market volatility has prompted regulatory attention. The Financial Conduct Authority has identified market volatility as a key supervisory focus area, with additional work planned for 2025 to assess how firms are supporting consumers during periods of market stress.7 Industry research indicates 56% of advisors expect clients approaching retirement to postpone or significantly alter their plans due to volatility concerns.8 For estate planning, this volatility creates a paradox: depressed asset valuations can reduce IHT exposure but simultaneously create liquidity challenges; inflation erodes the real value of wealth transfers; recession heightens employment-related life cover gaps; and geopolitical uncertainty affects cross-border asset structures.

The frozen nil-rate bands compound these challenges. With the NRB at GBP 325,000 and RNRB at GBP 175,000 until April 2030, inflation at 3.4% creates substantial fiscal drag.9 A GBP 325,000 threshold maintained since 2009 has lost approximately 40% of its real purchasing power. Estates that would have fallen below the threshold a decade ago now face material IHT liabilities. This reality demands proactive advisory intervention rather than periodic document reviews.

A survey by Triple Point and Research in Finance found that 90% of financial advisors believe more clients now require IHT planning following the Autumn Budget 2024, with 93% stating the Budget directly impacted their advice approach.10 The combination of regulatory change and economic uncertainty has elevated estate planning from a compliance exercise to a core advisory service requiring ongoing attention.

2. The Transformed Inheritance Tax Landscape

2.1 Residence-Based Regime: From Domicile to Long-Term Residence

The most significant structural change to UK inheritance tax in a generation became operational on 6 April 2025. The Finance Act 2025 replaced the domicile-based IHT system with a residence-based framework, fundamentally altering how international clients and mobile individuals are assessed.3

Under the new regime, a long-term UK resident is defined as an individual who has been UK tax resident for at least 10 of the previous 20 tax years.3 This status replaces the complex domicile determination that previously governed worldwide asset exposure to UK IHT. The change provides greater certainty but captures individuals who may have assumed they remained outside the UK IHT net.

The "tail provisions" create continued UK IHT exposure after departure from the UK. Individuals resident for 10-13 years face a minimum three-year tail, extending up to 10 years for those resident 20 years or more.11 Long-term resident status resets only after 10 consecutive years of non-UK residence.11 For younger individuals (under 20), the calculation uses whole tax years alive rather than the standard 20-year lookback period.3

Advisors working with internationally mobile clients must now map residence histories across 20-year periods and model departure scenarios. The certainty of residence tests, compared with subjective domicile assessments, enables more precise planning but also removes some flexibility that domicile elections previously provided.

2.2 Frozen Nil-Rate Bands and Fiscal Drag

The nil-rate band of GBP 325,000 and residence nil-rate band of GBP 175,000 remain frozen until April 2030, creating a combined couple maximum of GBP 1,000,000.9 With inflation at 3.4%, this freeze generates measurable fiscal drag.

The real value erosion can be quantified. If inflation averages 3% annually through April 2030, the GBP 325,000 NRB will have a real purchasing power equivalent to approximately GBP 260,000 in 2025 terms. For a married couple, the GBP 1,000,000 combined allowance erodes to approximately GBP 800,000 in real terms. This silent taxation mechanism will draw more estates into the IHT net without any legislative change to headline rates.

Advisors should model fiscal drag explicitly in client conversations, demonstrating how estates currently below thresholds may become liable purely through inflation. This analysis supports the case for lifetime planning strategies that utilise current thresholds before further erosion.

2.3 APR/BPR Reforms: The New Framework from April 2026

Agricultural Property Relief and Business Property Relief undergo substantial reform from 6 April 2026. The December 2025 announcement confirmed a combined allowance of GBP 2.5 million for 100% relief, an increase from the GBP 1 million figure originally announced in October 2024.5 Qualifying assets above GBP 2.5 million receive 50% relief, creating an effective IHT rate of 20%.

The spousal transfer provisions allow unused portions of the GBP 2.5 million allowance to transfer to a surviving spouse or civil partner.5 Trust provisions mirror the individual allowance, with transitional rules applying from the next 10-year anniversary after April 2026.5 Critically, the extended instalment option now permits 10-year interest-free payments for all qualifying APR/BPR property, providing liquidity relief for estates with illiquid business or agricultural assets.5

AIM shares face particularly adverse treatment. Relief reduces from 100% to 50% in all cases, and AIM holdings do not benefit from the GBP 2.5 million allowance.12 Portfolios constructed specifically for IHT efficiency using AIM shares require fundamental reassessment. Advisors holding clients with significant AIM-based IHT portfolios should have already initiated review discussions given the 16-month implementation window.

2.4 Pension Death Benefits: April 2027 Transformation

From 6 April 2027, unused pension funds and most pension death benefits fall within estate value for IHT purposes.4 This change represents a fundamental shift in pension-based estate planning.

Under the new framework, personal representatives rather than scheme administrators bear liability for reporting and paying IHT attributable to pension benefits.4 Exemptions apply to death in service benefits and dependant's scheme pensions from defined benefit or cash balance arrangements.4 A payment mechanism permits PRs to direct administrators to withhold up to 50% of benefits for up to 15 months to facilitate IHT settlement.4

Clients who have accumulated substantial pension wealth on the assumption of IHT exemption require comprehensive planning reviews. The interplay between pension drawdown strategies, IHT exposure, and income tax on beneficiaries creates complex optimisation challenges. Advisors should model scenarios examining the trade-offs between lifetime pension access, IHT efficiency, and beneficiary outcomes.

3. Valuation Strategies in Volatile Markets

3.1 Open Market Value Principles

HMRC's valuation framework operates on the open market value principle: the price property might reasonably be expected to fetch if sold on the open market at the relevant date.13 For quoted securities, HMRC applies the "quarter up" methodology, taking a quarter of the way between the lowest and highest closing prices on the valuation date.14 Related property rules require shares to be valued together where held by connected persons, potentially affecting minority discount availability.15

Volatile markets create valuation opportunities but also execution challenges. The relevant date for death estates is fixed, but lifetime gifts offer timing flexibility. Practitioners should consider whether depressed valuations create advantageous moments for chargeable lifetime transfers, particularly for clients with assets that have experienced temporary market-driven declines.

3.2 Strategic Use of Depressed Valuations

Falling markets create opportunities for lifetime gifts. A portfolio valued at GBP 500,000 during a market trough but with an anticipated recovery represents a more efficient gift than the same portfolio transferred at peak valuations. The chargeable transfer for potentially exempt transfer purposes fixes at the gift date, meaning any subsequent appreciation occurs outside the donor's estate.

Deed of variation provides a post-death mechanism with similar efficiency. Beneficiaries have two years from death to redirect inheritances to trusts, charities, or skip generations without triggering the seven-year potentially exempt transfer rules.16 If asset values decline between death and variation execution, the variation nonetheless uses death values for IHT purposes, but the redirected assets may subsequently recover in the beneficiary structure.

The strategic timing of gifts requires careful consideration of the donor's capacity to survive seven years and maintain their standard of living. Gift inter vivos insurance provides cost-effective protection against the seven-year survivorship risk, with premiums typically ranging from 0.3% to 0.8% of gift value for donors aged 60.17 The policy must be placed in trust to avoid forming part of the donor's estate.17

HMRC has intensified IHT compliance activity. In the year to April 2025, HMRC launched 3,961 IHT investigations, representing a 31% year-on-year increase.18 The authority questioned 7,500 probate cases specifically regarding property valuations and issued additional IHT bills to 1,500 families.18

This enforcement intensification affects volatile market strategies. Gifts made at depressed valuations may attract scrutiny if HMRC perceives undervaluation. Professional valuations become essential documentation, particularly for unquoted securities, property, and business interests. Advisors should ensure clients obtain contemporaneous, independent valuations for significant lifetime transfers rather than relying on estimated values that may face challenge.

4. Loss Relief: The Underutilised Mechanism

4.1 IHTA 1984 ss.178-189 Framework

The loss relief provisions within IHTA 1984 ss.178-189 permit adjustment of IHT liability when qualifying investments decline in value post-death.19 Despite its potential value during volatile markets, this relief remains underutilised by many practitioners.

Qualifying investments include shares and securities quoted on a recognised stock exchange at the date of death, authorised unit trusts, and open-ended investment companies.19 Critically, AIM-listed shares do not qualify for loss relief, compounding the adverse treatment these holdings now face following the BPR reforms.20

The relief requires sale of the qualifying investments within 12 months of death.19 The calculation provides relief at 40% multiplied by the difference between death value and sale value. Anti-avoidance provisions reduce the relief if qualifying investments are purchased during the claim period.19

4.2 Practical Application

Consider a deceased individual with a quoted share portfolio valued at GBP 400,000 at death. Following market decline, the portfolio sells for GBP 320,000 within the 12-month window. The loss relief calculation provides:

  • Loss: GBP 400,000 - GBP 320,000 = GBP 80,000
  • Relief: GBP 80,000 x 40% = GBP 32,000 reduction in IHT liability

Where IHT has already been paid on the death value, the relief generates a repayment. Where payment is outstanding, the relief reduces the liability before settlement.

Executors should actively monitor portfolio values during the administration period, particularly in volatile markets. The decision to sell must balance loss relief benefits against investment fundamentals. If recovery is anticipated beyond the 12-month window, the relief may provide immediate tax benefit at the cost of forgoing future appreciation within the estate administration. Beneficiaries receiving distributed assets would themselves capture any subsequent recovery.

4.3 Coordination with Estate Administration

Loss relief requires coordination between executors, beneficiaries, and advisors. Sales must occur within the 12-month window, which may conflict with beneficiary expectations regarding inheritance timing. Clear communication about the relief opportunity and its time constraints enables informed decision-making.

The relief applies to the aggregate of qualifying investments, not individual holdings. Selective sales that realise losses while retaining holdings with gains do not maximise the relief. Advisors should model whole-portfolio scenarios when assessing whether loss relief claims are advantageous.

The timing of grant of probate can affect loss relief availability. Delays in obtaining probate may compress the window for portfolio sales. Advisors working with clients on estate administration should flag loss relief considerations early in the process, particularly where significant quoted investment portfolios exist and market conditions suggest potential decline.

5. Inflation-Proofing Estate Structures

5.1 Frozen Bands and Real Value Erosion

The combination of frozen nil-rate bands and persistent inflation creates structural erosion of estate planning efficiency. If CPI continues at 3.4% annually, the real value of the GBP 325,000 NRB declines to approximately GBP 305,000 after one year and GBP 272,000 after five years. By April 2030, when the freeze ends, estates that were below the threshold in 2024 may face significant IHT exposure purely through inflation-driven asset appreciation rather than real wealth accumulation.

Advisors should quantify this erosion explicitly in client discussions. A GBP 500,000 estate in April 2024 faced a GBP 70,000 theoretical IHT liability (40% of GBP 175,000 excess). If that estate appreciates merely with inflation at 3.4% annually through April 2030, it reaches approximately GBP 612,000, with a theoretical liability of GBP 114,800 on the GBP 287,000 excess, a 64% increase in tax exposure without any real wealth gain.

This fiscal drag analysis provides compelling rationale for lifetime planning strategies. Clients may be more receptive to gift planning when presented with quantified evidence of how inaction increases their tax exposure over time.

5.2 Inflation-Hedging Asset Classes

Estate structures can incorporate inflation-hedging assets to protect real values. Index-linked gilts provide returns linked to RPI or CPI, with both principal and interest adjusting for inflation.21 Within estate portfolios, index-linked gilts offer capital preservation in real terms, though yields reflect inflation expectations and may be modest in absolute terms.

Real estate has demonstrated effective long-term inflation hedging characteristics in both crisis and non-crisis periods.22 Property within estate structures may appreciate in line with or above inflation, preserving real wealth transfer values. Infrastructure investment trusts with revenue agreements linked to CPI or RPI provide similar inflation protection with income generation.23

Diversification across inflation-hedging asset classes reduces concentration risk while providing structural protection against nil-rate band erosion. Portfolio construction should balance inflation protection against liquidity requirements, particularly given the potential need for asset sales to meet IHT liabilities.

Commodities and precious metals offer additional inflation protection, though their suitability depends on the client's risk profile and time horizon. Advisors should assess whether inflation-hedging asset allocation aligns with the client's broader investment objectives rather than focusing solely on estate planning efficiency.

5.3 Trust Drafting Considerations

Trust structures established for estate planning purposes should anticipate inflation in their drafting. Administrative powers permitting trustees to invest in inflation-hedging assets, accumulate income during inflationary periods, and advance capital in real rather than nominal terms provide flexibility.

Discretionary trusts offer particular advantage during uncertain economic conditions. Trustees can respond to changing circumstances, beneficiary needs, and economic conditions without requiring trust variation. The April 2026 APR/BPR reforms apply the GBP 2.5 million allowance to trust holdings, with transitional rules applying from the next 10-year anniversary.5

Trust drafters should consider whether distribution provisions reference nominal amounts or index-linked values. A trust requiring distributions of a fixed sum annually erodes in real value over time, whereas provisions linked to CPI or RPI maintain purchasing power for beneficiaries.

6. Liquidity and Payment Strategies

6.1 Instalment Option Mechanics

The instalment option permits payment of IHT on qualifying property over 10 equal annual instalments following written notice.24 Qualifying property includes business interests, land, and certain shareholdings. From April 2026, all qualifying APR/BPR property benefits from interest-free instalment payments, enhancing liquidity management for estates with illiquid assets.5

The right to pay by instalments ceases upon sale of the qualifying property. Advisors must model scenarios where asset sales to meet other obligations trigger accelerated IHT payment. Beneficiaries who anticipate selling inherited business interests or property should factor immediate IHT crystallisation into their planning.

Interest relief availability depends on asset type. Control holdings in unquoted companies, unquoted shares and securities, businesses, and land qualifying for APR attract interest relief during the instalment period.25 Other qualifying property may accrue interest on outstanding instalments, affecting the net benefit of deferred payment.

The extension of interest-free treatment to all qualifying APR/BPR property from April 2026 significantly enhances the instalment option's attractiveness. Estates that might previously have sold assets to fund immediate IHT payment can now retain qualifying property while spreading the tax liability over a decade without financing cost.

6.2 Gift Inter Vivos Insurance

Gift inter vivos insurance provides targeted protection against the seven-year survivorship risk inherent in potentially exempt transfers. Policies run for seven years, matching the PET taper period, with the sum assured reducing 20% annually from the end of year three, mirroring the IHT taper.17

In volatile markets, where clients may be reluctant to part with assets due to uncertainty, gift inter vivos insurance addresses one of the key objections to lifetime gifting. The protection cost, typically 0.3% to 0.8% of gift value annually for a 60-year-old donor, compares favourably with potential 40% IHT exposure.17 Policies must be written in trust to avoid inclusion in the donor's estate.

Advisors should present gift inter vivos insurance as part of comprehensive gift planning rather than an isolated product discussion. The cost-benefit analysis should consider the client's health status, gift value, and the probability-weighted IHT saving from successful PET completion.

7. Cross-Border Complexity in Post-Brexit Succession

7.1 Fragmented Succession Frameworks

Brexit has fragmented succession planning for UK nationals with EU assets and EU nationals with UK connections. UK inheritance laws no longer align automatically with EU succession frameworks, creating potential for conflicting jurisdictional claims.26

The Brussels IV Regulation (EU Succession Regulation) continues to apply to UK nationals with assets situated in EU member states. UK nationals may elect their national law to govern succession to EU-situated property, but this election must be explicit and properly documented.26 Forced heirship rules in civil law jurisdictions may override testamentary intentions absent proper planning.

Advisors working with clients who hold EU property or maintain connections to EU jurisdictions should verify whether wills include appropriate choice of law provisions. The absence of such provisions may result in succession governed by the law of the member state where the deceased was habitually resident, potentially subjecting assets to forced heirship regimes contrary to client intentions.

7.2 Residence-Based IHT and Mobile Clients

The new residence-based IHT regime creates particular complexity for internationally mobile clients. A UK national who has been resident for 15 years faces a seven-year IHT tail after departure.11 During this period, worldwide assets remain within UK IHT scope despite non-residence, potentially creating double taxation exposure if the new residence jurisdiction also imposes inheritance or estate taxes.

Cross-border clients require coordinated advice from UK and foreign advisors. Double taxation treaties may provide relief, but coverage is incomplete and treaty terms vary. Advisors should identify potentially affected clients proactively and ensure they understand the transition from domicile to residence-based assessment.

The tail provisions create planning opportunities for clients contemplating permanent departure from the UK. Understanding the relationship between residence duration and tail length enables clients to plan departure timing strategically, potentially reducing the period of continued UK IHT exposure on worldwide assets.

7.3 Financial Services Access

Brexit has created practical obstacles for UK expatriates in financial services access. Many UK-based banks and advisory firms no longer serve EU residents due to regulatory restrictions.27 UK platforms and ISAs may be frozen or closed when clients relocate to EU jurisdictions.27

Estate planning for internationally mobile clients must address the practicality of maintaining UK financial arrangements alongside succession efficiency. Consolidating assets with providers capable of serving cross-border clients may be necessary, even where such consolidation introduces complexity or reduces investment choice.

Conclusion: Implementing Dynamic Planning Frameworks

The volatile economic environment demands a fundamental shift from static estate planning documents reviewed periodically to dynamic frameworks subject to continuous monitoring and adjustment. Annual review protocols should examine not merely whether client circumstances have changed, but whether economic conditions, regulatory developments, and market valuations create planning opportunities or risks requiring response.

Scenario-based stress testing should become standard practice. Advisors should model client estates under inflation scenarios, market decline scenarios, and regulatory change scenarios to identify vulnerabilities and opportunities. The loss relief provisions, valuation timing strategies, and instalment payment options examined in this article provide tactical responses to specific scenarios that proactive monitoring will identify.

Consumer Duty requirements reinforce the case for active estate planning engagement. Ensuring clients have good outcomes in estate planning contexts means ensuring plans remain appropriate as circumstances evolve, not merely that they were appropriate when established.7 Documentation of annual reviews, scenario analysis, and client communications provides evidence of ongoing care.

The intersection of economic volatility with estate planning mechanics represents an area where informed advisory intervention can deliver measurable client value. Advisors who develop competence in dynamic estate planning position themselves as essential partners in clients' long-term financial wellbeing during uncertain times.

CPD Declaration

Estimated Reading Time: 25 minutes Technical Level: Advanced Practice Areas: Estate Planning, Inheritance Tax, Wealth Management, Cross-Border Advisory

Learning Objectives

Upon completing this article, practitioners will be able to:

  1. Apply the long-term UK resident test under the Finance Act 2025 residence-based IHT regime to client scenarios involving international mobility
  2. Calculate loss relief under IHTA 1984 ss.178-189 for qualifying investment portfolios that decline in value following death
  3. Evaluate the impact of frozen nil-rate bands combined with 3.4% inflation on client estate planning efficiency through April 2030
  4. Distinguish between the treatment of AIM shares and other qualifying business property under the April 2026 APR/BPR reforms

SRA Competency Mapping

  • Technical legal practice: Applying inheritance tax legislation to complex client circumstances
  • Working with other people: Coordinating with solicitors, accountants, and international advisors on cross-border estate matters
  • Managing yourself and your own work: Maintaining current knowledge of rapidly evolving tax legislation

Reflective Questions

  1. How would you adapt your estate planning review protocols to incorporate the dynamic, scenario-based approach advocated in this article, and what additional resources would this require?
  2. What proportion of your client base may be affected by the residence-based IHT regime, and have you systematically identified these clients for proactive discussion?
  3. How might you present the loss relief mechanism to executors during estate administration in a way that enables informed decision-making about investment sales within the 12-month window?

Professional Disclaimer

The information presented reflects the regulatory and legislative position as of 2026-02-06. Regulations, tax rules, and professional guidance are subject to change. Readers should independently verify all information before acting and seek advice from appropriately qualified solicitors, financial advisors, or other professionals for their specific circumstances.

Neither WUHLD nor the author accepts liability for any actions taken or decisions made based on the content of this article. Professional readers are reminded of their own regulatory obligations and duty of care to their clients.

Footnotes

Footnotes

  1. ONS Consumer Price Inflation, UK: December 2025. https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/december2025 ↩ ↩2

  2. ONS GDP Monthly Estimate, UK: November 2025. https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/november2025 ↩ ↩2

  3. Finance Act 2025 c.8 Part 2 Chapter 4 (Inheritance Tax). https://www.legislation.gov.uk/ukpga/2025/8/part/2/chapter/4 ↩ ↩2 ↩3 ↩4

  4. GOV.UK: Inheritance Tax -- unused pension funds and death benefits. https://www.gov.uk/government/publications/inheritance-tax-unused-pension-funds-and-death-benefits/inheritance-tax-unused-pension-funds-and-death-benefits ↩ ↩2 ↩3 ↩4 ↩5

  5. GOV.UK: Agricultural property relief and business property relief changes. https://www.gov.uk/government/publications/changes-to-agricultural-property-relief-and-business-property-relief/agricultural-property-relief-and-business-property-relief-changes ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  6. ONS Quarterly Economic Commentary: July to September 2025. https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/articles/quarterlyeconomiccommentary/julytoseptember2025 ↩ ↩2

  7. FCA Regulatory Perspective and Priorities for 2025. https://www.fca.org.uk/news/speeches/regulatory-perspective-and-priorities-2025 ↩ ↩2

  8. IFA Magazine: Advisers brace for impact of greater market volatility in 2025. https://ifamagazine.com/advisers-brace-for-impact-of-greater-market-volatility-in-2025/ ↩

  9. GOV.UK: Inheritance Tax nil-rate band and residence nil-rate band thresholds. https://www.gov.uk/government/publications/inheritance-tax-nil-rate-band-and-residence-nil-rate-band-thresholds-from-6-april-2021/inheritance-tax-nil-rate-band-and-residence-nil-rate-band-thresholds-from-6-april-2021 ↩ ↩2

  10. Triple Point/Research in Finance Survey via Money Marketing. https://www.moneymarketing.co.uk/news/advisers-believe-more-clients-now-require-iht-planning-due-to-the-budget/ ↩

  11. KPMG: Inheritance Tax changes from 6 April 2025 -- an update. https://kpmg.com/uk/en/insights/tax/inheritance-tax-changes-from-6-april-2025-an-update.html ↩ ↩2 ↩3

  12. Aberdeen Adviser: The future of IHT planning using AIM. https://techzone.aberdeenadviser.com/public/iht-est-plan/future-of-IHT-planning-using-AIM ↩

  13. HMRC Inheritance Tax Manual IHTM09703. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09703 ↩

  14. HMRC Inheritance Tax Manual IHTM18093. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm18093 ↩

  15. HMRC Inheritance Tax Manual IHTM15072. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm15072 ↩

  16. HMRC IOV2 Form Guidance. https://assets.publishing.service.gov.uk/media/5a7df4d040f0b6230268838d/IOV2.pdf ↩

  17. Scottish Widows: Gift Inter Vivos. https://adviser.scottishwidows.co.uk/products/protection/personal-protection-gift-inter-vivos.html ↩ ↩2 ↩3 ↩4

  18. Money Marketing: HMRC IHT investigations. https://www.moneymarketing.co.uk/news/iht-receipts-jump-as-treasury-eyes-another-record-year/ ↩ ↩2

  19. Inheritance Tax Act 1984 Section 178. https://www.legislation.gov.uk/ukpga/1984/51/section/178 ↩ ↩2 ↩3 ↩4

  20. Courtiers: Share Loss Relief for IHT. https://www.courtiers.co.uk/news-and-insights/share-loss-relief-for-iht/ ↩

  21. Interactive Investor: How inflation-linked gilts work. https://www.ii.co.uk/analysis-commentary/how-inflation-linked-gilts-work-ii534571 ↩

  22. ScienceDirect: Real estate as an inflation hedge. https://www.sciencedirect.com/science/article/pii/S1062940825001287 ↩

  23. Hargreaves Lansdown: 5 investment trusts to watch for 2026. https://www.hl.co.uk/news/5-investment-trusts-to-watch-for-2026 ↩

  24. GOV.UK: Pay your Inheritance Tax bill in yearly instalments. https://www.gov.uk/paying-inheritance-tax/yearly-instalments ↩

  25. HMRC Inheritance Tax Manual IHTM30363. https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm30363 ↩

  26. Russell-Cooke: Brussels IV's impact on UK succession post-Brexit. https://www.russell-cooke.co.uk/news-and-insights/news/brussel-ivs-impact-on-uk-succession-post-brexit/ ↩ ↩2

  27. Blacktower: Post-Brexit Investment Planning for UK Expatriates in 2025. https://www.blacktowerfm.com/services/post-brexit-advice-for-expats/ ↩ ↩2

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