The seven-year inheritance tax rule
Posted on 18th July 2019 at 11:17
The current rules in relation to paying inheritance tax means that if any gifts are made in the seven years prior to the deceased’s death, then inheritance tax could be payable. Certain gifts can be exempt, such as gifts of up to £250.00 to family and friends, and a first gift allowance of up to £3,000.00. However, given that the £3,000.00 rule was created in 1980’s, there has been no allowance for inflation made, meaning that the gift wouldn’t go as far by today’s standard.