After Chancellor Rachel Reeves announced her first Budget to parliament, much of the debate that followed focused on inheritance tax (IHT). Although it is widely believed that the changes brought in will affect only a small proportion of estates, many people are now perhaps slightly more familiar with how IHT is imposed than they were before.

Most adults, especially those who are retired or nearing that milestone, have at least heard of IHT and have a basic understanding of how it might impinge upon their assets.