Two 'really clever ways' to reduce your family’s inheritance tax bill

There are two ‘really clever ways’ to reduce an inheritance tax bill, a financial expert has advised. Mr Merriman continued that a Section 72 life assurance policy, or ‘whole life policy’, is a Revenue approved way of reducing an inheritance tax bill. “That's a really clever way for people to fund, to pay the tax bill. “That's when the Section 72 policy would pay out and would help the kids either pay the inheritance tax or reduce the inheritance tax liability.” Mr Merriman added that anyone considering taking out a life assurance policy should take professional advice before they do so.