Lifetime gifts and inheritance tax treatment

https://blast-wiki.win/index.php/Lifetime_gifts_and_inheritance_tax_treatment

Lifetime gifts and inheritance tax treatment can get tricky if you're planning to pass on wealth while minimizing the tax hit. Basically, you can give away up to £3,000 each tax year without it counting toward your estate, plus small gifts to individuals. But if you give larger amounts and die within seven years, those gifts might still be taxed. Understanding this seven-year rule and your annual exemptions can make a big difference in how much your loved ones actually receive.