The new IHT home allowance comes into affect from April 2017. However it is important that people who current have Discretionary Trust Wills review their current Wills to avoid the allowance not being fully utilized. One of the restrictions is that the house is left to direct descendants and if a share of the property is placed into a discretionary trust this will not enable the new home to be used.

It is therefore key to take legal advise to review your current Will to maximise inheritance tax mitigation.