There are tax-planning benefits caused by the recent falls in financial markets, argues Chris Maddock, head of private client tax at London-listed wealth advisor Vantis.

These include transferring portfolios standing at a loss with no capital gains tax liabilities and crystallising losses and carrying them forward to set against future capital gains, Mr Maddock said in a recent note. 

If falling share and property values mean that an individual’s intentions for the distribution of the estate on death are no longer likely to be fulfilled, it may be appropriate to have assets re-valued and amend wills and any inheritance tax planning already in place, he says.

In recent years, sharp rises in property values drew large numbers of UK citizens into the inheritance tax net, for example, prompting calls for the thresholds at which such taxes bite to be substantially increased.