If you have a desire to reduce your tax liability (40%), then these are the actions you can take now:
Utilise your annual 'small gift' exemptions. You can give up to £3,000, per person, each year.
You can also give an unlimited number of small gifts below £250.
You can gift, out of income, as long as the amount clearly does not affect the donor's standard of living. i.e. it is an amount that is 'easily affordable'. *
Pension income can be assigned to benefit your dependents. *
Life Assurance plans can be written into a trust. *
Note: Inheritance Tax thresholds depend on each individual's circumstances and any new legislation that has come in.
* Please check details with my partner I.F.A.