Inheritance tax: Grandparents may be able to reduce or avoid ‘any liability’ – act now

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Mr Robson continued: “You can also to make an unlimited number of small £250 gifts in each tax year so long as the recipient is a different person each time – so those great nieces and nephews don’t have to be left out.

“There are some great apps out there that allow you to save together as family, helping invest in your child/grandchild’s nest-egg with a stocks and shares Junior ISA.”

New data from HM Revenue and Customs (HMRC) has revealed that inheritance tax receipts soared to £5.5billion from April 2021 to February 2022.

This was yet another increase in the number of IHT receipts reported in the UK, up from £0.7billion year-on-year.

Some 33,000 estates paid IHT, with the average bill coming to around £160,000, according to the Office for Budget Responsibility (OBR).



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