There is no space on the 2011 tax return for inheritance tax. This is because it is largely a tax on what you leave when you die (including gifts made in the seven years before).
Your home is quite likely to be your biggest single asset, especially considering how much house prices have risen in the last decade (in spite of the recent dip), says Lesley Stalker,
It was announced in the Budget that anybody leaving 10 per cent or more of their estate to charity will pay a lower rate of inheritance tax on the remainder of their estate from April 2012 onwards.
When the first of a married couple or civil partners dies it may not be clear whether their survivor will need any of their unused tax-free allowance later on.
