70 year-old Mr Branson has enjoyed a number of successful business ventures in life. He still runs two small businesses and has carefully saved over £750,000 in cash. He now wants to protect his savings from IHT so that his family can continue in the manner they've grown accustomed to.

One of Mr Branson's businesses is an unquoted trading company. An independent travel agency, it is worth £1 million. But it is in the red by a total of £500,000.

Mr Branson's second business is a printing concern, which is hugely profitable and valued at £2,000,000. The unquoted company uses the print facilities.

Currently, Mr Branson can claim 100% relief on the first company, and 50% on the second as it is an unrelated asset. But no savings on his personal fortune.

Assuming this was all of his fortune, and his NRB was used up elsewhere, Mr Branson would be liable to pay up to £700,000 IHT!