The government's flagship inheritance tax policy is not quite what it seems, and care is going to be needed to ensure that advantage can be taken on a case by case basis.

Already I have come across a client who on the one hand may lose some of the benefit owing to his estate being in excess of £2 million, but won't get the full benefit at the other end as his largest property is relatively small.

Isn't this the epitome of old-Tory policies? You can have an extra inheritance tax allowance if you are wealthy, but only if your house is big enough!