Periods of high inflation are likely to cause asset values to change, whether that be property prices increasing or stock markets falling.

If your asset values are going up, what effect does that have on your potential estate for IHT purposes. Do you need to do some planning now.

If values are falling, this could be a good time to be giving value away as the value of the gifts will be lower so that your lifetime allowance goes a little further, albeit that the value may come back in your donee’s period of ownership.

It also means that if the asset is subject to Capital Gains Tax, any gain is likely to be reduced and so you are likely to pay less tax on the gift.

The current economic turbulence could provide an opportunity for IHT and CGT planning – but don’t leave it too long. Higher inflation could be here to stay, at least in the short term, and may push up prices unless you act quickly.