One to watch and not forget to review properly !
 
A chargeable person may make an election in respect of the relevant property (land, chattels or intangibles).  
 
The chargeable person will then be taxed as if he had reserved a benefit in the relevant property which will be taxed as part of his estate for inheritance tax purposes on death.  
 
The election must be made by 31 January 2007.
 
Consider carefully not really my speciality but thought you might all find this helpful.
 
Could be worth waiting till nearer Jan 2007 to make the election (if someone is in good health!)?
 
Baz..