'In this world, nothing is certain but death and taxes', said Benjamin Franklin.

And of course he was right.

Whilst we obviously can't avoid death and we can never completely avoid tax, there are ways to eliminate or at least reduce our long term tax liability.

Any self-respecting property owner is familiar with the 'never sell' strategy. On paper it makes perfect sense - Capital Gains Tax (CGT) is never paid because you never realise the gains and CGT is waived upon death.

And Inheritance Tax (IHT) is paid on the net value of the estate not capital gains so if the property portfolio is signed over to your children more than seven years prior to death this too will avoid tax.