Inheritance tax (IHT) is almost an anomaly in the UK’s Byzantine tax system – it is commonly regarded as a voluntary tax, in that financial advisers to the very wealthy can normally ensure their well-heeled clients avoid it.

At the same time, with the recent property price boom, the individual threshold of £300,000 is not enough to cover an increasing proportion of family homes – meaning IHT is starting to impact on only moderately well-off older citizens.

So a recent government move to increase the IHT threshold to £600,000 for married couples has been widely welcomed by planners and their clients.

The move also formalises what already happens, as with careful planning a couple can utilise both individual limits in turn.

Interestingly, the change has set-off a debate over IHT, with a number of financial commentators stating there is nothing wrong with taxing inheritances.

IHT, it is argued, is a progressive tax transferring wealth from those with it to those worse off, thus helping create a fairer society.

Against this, the opposing view is that those who have worked hard all their lives should be able to pass on something to their dependents.

It has to be said that this is a subject that invariably generates more heat than light, and views tend to be split according to age and wealth.

Most pundits expressing a view also have a vested interest, either in protecting their own assets, or because they are not worried about losing too much on their death.

But both Labour and the Conservatives realise that there are votes to be won from middle-class property owners, so bold moves on IHT are the order of the day to avoid being outflanked.

For many property owners, a more insidious threat than IHT to their planned bequests is a lack of an adequate pension.

Property, many believe, will have to make up for this, either through down-sizing or the use of equity release schemes and the like.

Nigel Hare-Scott, sales director of Home & Capital, points out that retirees hold £1.25 trillion in property assets and this funding can help people overcome the pension crisis.

So far, the idea of releasing equity from your home to pay for your old age has not taken off.

Many want to pass on their home if they possibly can. But as generous company pensions become less common, this could change quickly.

Warmer winters and poorer retirees could well lead to the notion of ‘spending the kids’ inheritance’, becoming a more popular past-time than anything involving trips overseas, snow and mountains.

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