There are a number of exemption that could be used to reduce the value of your estate. If used correctly they are the most efficient way to reduce any inheritance tax bill.
Annual exemption allowance– you can gift up to £3000) each year (tax year 17/18). Where total gifts in a year fall short of this allowance, the balance can be carried over to the following year and added to that year’s allowance.
Spouse exemption– most married couples can ensure no inheritance tax is payable by arranging through a Will, that on first death all the deceased spouse’s assets pass to the surviving spouse.