Jeffrey Archer deals with inheritance tax issues

Lord Archer of Weston-Super-Mare has decided to auction some of his belongings as his organises his estate to deal with future inheritance tax issues.

The author said: "I recently celebrated my 70th birthday – an event which prompts a certain degree of thought and realisation. As a result, I have begun to restructure my art collection."

There will be two auctions of the former MPs belongings, one at Christie's in London on June 27th and another on the following day. The first event, an evening gala auction, will be for the benefit of charities while the second will be a commercial event.

Lord Archer hopes to raise around £5 million from auctioning a variety of items, such as an Andy Warhol portrait of Marilyn Monroe and a Claude Monet painting.

In addition, people may wish to reduce the amount of inheritance tax they give to the government by making gifts during their lifetime.

Posted by Hannah Carr