Imagine getting an unexpected speeding ticket through the door. The road in question had a 40mph limit when you drove down it at 35mph six weeks ago, but yesterday the limit was reduced to 30mph and you’ve now been given a fine.

That’s what trying to plan your finances is like these days. You plan your journey carefully, follow the directions and stick to all the restrictions – and end up being slapped with a penalty anyway because the rules suddenly change.

Inheritance tax (IHT) is one area in particular where the rules seem to be constantly tinkered with, so it’s no wonder that people find it complicated, confusing and concerning.

The reality is that few people will ever pay IHT – currently only around 5 per cent of UK estates are liable. But misconceptions about who pays it and how it works mean it remains one of the most feared and misunderstood taxes.

Under current rules, individuals can pass on £325,000 tax-free when they die, and a further £175,000 when they leave a main home to a direct descendant, such as a child or grandchild. That means a couple can effectively pass on £1m between them with no IHT bill to pay.

That is undoubtedly a lot of money and many of the people I speak to at the Bank of Dave don’t have £325 saved, let alone £325,000. But for those who have seen the value of their home increase over the years or have spent years building their own business or tending a family farm, it is surprisingly easy to breach that limit.

More people will be hit from April 2027, when pensions are brought into the scope of IHT. It has been estimated that the number of estates liable for the tax will leap to 12 per cent after the rule changes.

And for people who have done everything right – who have worked hard and paid their taxes along the way – it doesn’t seem fair that they should have to give away another 40 per cent of their assets when they die.

To add insult to injury, some of the richest folk don’t pay the full amount. Billionaires who don’t want to contribute can hire clever accountants and expensive lawyers to find their way around it, and it is Middle England that gets stuck with the bill.

We need a fairer system, where everyone contributes their share – and that means those with the broadest shoulders must take more of the burden.

It’s something I think about a lot already. My wife and I plan to give away 90 per cent of our wealth. We want to know it is going back into society and see it doing good.

Yes, we’ll leave some money to our two children and grandchildren, but I feel strongly that parents shouldn’t leave too much. “Give them enough so that they can do anything, but not so much that they do nothing” is my motto.

Because when someone doesn’t need to work, when they have no purpose or reason to get out of bed in the morning, that’s a big problem and I’ve seen people ruined by it.

Millions of people are, like me, thinking more about IHT and how to plan accordingly. And while I agree generally with having the tax, I do believe that people who have worked hard all their life and want to pass something on to their kids should be able to – so it’s important to use the rules that let you do that.

For example, everyone gets a gifting allowance of £3,000 a year that you can give away without it being liable for IHT. If you miss a year, you can backdate it and give away £6,000.

It’s possible to give larger financial gifts at certain special occasions – such as £5,000 to a child for their wedding or £2,500 to a grandchild who is getting married.

Another allowance lets you give away as many lots of £250 as you like, as long as each one is to a different person.

Under the seven-year rule, you can give away as much as you like tax-free as long as you live for seven years after making the gift (if you die before this time, you pay IHT on the gift at a tapered rate).

And there is no IHT to pay on transfers to your spouse or civil partner, as long as they live permanently in the UK.

Lots of people out there are struggling and this is something that will never affect them, but for those who do want to leave their house or their business to the next generation – when they’ve worked hard, paid their taxes and done everything right – they should be able to without being forced to give almost half of it away.

We shouldn’t be persecuting Middle England when there are very rich people and huge corporations out there who are paying nothing.

Most people don’t mind paying their fair share of IHT – but they don’t want to pay everyone else’s as well.