IHT change allowing gifts up to 5 years before Death

IHT change allowing gifts up to 5 years before Death

The Guardian reports “The “seven-year rule” on gift-giving should be cut to five years as part of a radical shake-up of inheritance tax, according to an official review ordered by the chancellor.

The Office of Tax Simplification (OTS) has proposed that executors would only need to account for gifts made within five years of death rather than seven years currently. But some tax experts said another proposed change linked to this would increase tax for some people.” Read more  

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