Gifting assets in order to avoid inheritance tax is one of the key accounting moves that can help effectively maximise the legacy passed on through families.

Since the introduction of the inheritance tax, ways to avoid the maximum deduction of tax on property and other assets have proliferated.

Inheritance tax affects anyone who has lived in the country for 17 of the last 20 years, or who has "domiciled" in the country at any time in the last three years.

Under these circumstances lifetime gifts or other assets passe don after death are liable to have a levy added to them.

However, financial experts can help move the funds into assets that are nto taxable, enabling consumers to maximise their funds.