Inheritance Tax – What is a gift?

Under Inheritance Tax (IHT) rules you are able to make certain payments to family, friends and others which are exempt from Inheritance Tax, these are known as gifts. 7 Year Rule Any gifts made to anyone, over 7 years before a person dies are exempt from IHT, irrespective of the amount, but there are also some gifts which you are able to make within 7 years which are also exempt:- Gifts of … [Read more...]