Hundreds of families caught by seven-year inheritance tax rule as gifts trigger unexpected bills

The recent surge in inheritance tax (IHT) bills on gifts has arisen largely from the complex seven-year rule that many families do not fully understand.

Families are finding the financial burden of unexpected inheritance tax liabilities on gifts daunting, especially as property values rise and the tax-free allowance diminishes.

The spike in inheritance tax bills paid by families reflects a troubling trend, indicating that many individuals may lack the liquid assets to cover these taxes.

With rumors of potential increases to inheritance tax, wealthier individuals are taking preemptive measures to mitigate their tax exposure, reflecting growing financial anxiety.

Read at Business Matters