Within the world of Financial Planning, this is a popular expression; don't let the tax tail wag the investment dog.

It means that investment decisions should never be dictated solely by the opportunity for tax saving.

Despite the chance to save on inheritance tax by investing in a Venture Capital Trust (VCT) or Enterprise Investment Scheme (EIS), investors should start with their financial goals in mind and invest accordingly.

Often the extra risks to your money associated with a VCT or EIS investment make these schemes less attractive.

It is quite shocking to see nearly half of inherited shares are subject to inheritance tax, but the answer to this dilemma might not be simple as picking a higher risk portfolio of shares in order to access a tax wrapper.