Taxpayers are expected to reduce their inheritance tax (IHT) bills by 12 percent over the next year, or a record £710 million in 2017/18, through investments made in unlisted companies and other business assets, according to 2018 eprivateclient Top Accountancy Firm UHY Hacker Young.

Taxpayers paid £5.3 billion in inheritance tax in the last year to February 28 2018, an increase from £4.7 billion in 2016/17, according to statistics from HMRC.

UHY Hacker Young suggests that HMRC forecasts show the Business Property Relief’s (BPR) value is expected to rise by eight percent in 2017/18, from &pou...