Inheritance Tax UK: Your bill can be reduced through reliefs - key warning to note

Mr Rushton therefore explained the checklist of actions Britons can make note of.

He added: “Each year, keep your bank statements to show that the money that is coming in isn’t being spent.

“Record – even if it just writing down – the gifts you are giving and who they are going to. In fact, this is one of the most important elements of Inheritance Tax as a whole.

“Make sure you keep an accurate record, as it is very difficult for executors to claim reliefs and exemptions if the records aren’t there to be able to refer to, when you pass away.

“If your estate comes under investigation by HMRC, which some will do, then you really aren’t doing your executors any favours by failing to keep records.