IHT planning: Using trusts to protect a second home

A second home may be a holiday property used by the family for many years, a flat in London used for visits to the capital, or a property elsewhere either used or let out for the income it can generate.  For many property owners the time will come when they start to think about giving away the property with a view to reducing the ultimate inheritance tax (IHT) bill.  How is that best done?   A gift can be made relatively easily, but there are two keys tax problems that need to be overcome, namely reservation of benefit for IHT, and the fact that a gift is a disposal for capital gain...