John Stepek

It might even that.

And the question, of course, is how much does it cut the cost of borrowing?

And this is something that John and I were talking about before we started recording and we were trying to think about it.

And we're thinking about it in terms of aim-listed stocks, smaller stock markets in the UK where small companies are listed.

And for a long time, you could buy shares on the market and they would be IHT-free.

That's not the case anymore.

The law has changed and now the rules have changed and now it's 20%, right?

Yeah, it's YSFR.

So it's less of a thing.

But in its previous incarnation, Peel spent a lot of time trying to figure out how much of the premium of listed AIM stocks or AIM listed stocks, should I say, was purely down to IHT.

And I'm afraid we can't quite remember the numbers, but we're going to go away and look it up.

It's tricky because specific ones were more popular as well because you wanted safer ones.

So it's hard to tell.

But the key point is that people...

in the UK are so desperate to avoid inheritance tax that they would buy a portfolio of smaller companies on which they could conceivably have lost 100% of their money in order to be able to have a go at not paying inheritance tax.

So if they would do that, why would they not accept a couple of percentage points lower yield on a bond knowing they're going to get all of that money back?

Yeah, can't it's safe?

I mean, in nominal terms, anyway.

Yeah, absolutely.

But I mean, this is the sort of thing where you could see, you know, experiment with a zero coupon bond and just see what happens because it's still saving an awful lot of money.