If you die 7 years after giving someone a gift, there’s no inheritance tax to pay on it unless the gift is part of a trust.
If you give someone a gift less than 7 years before you die, they might have to pay inheritance tax on it. This will depend on:
Who you gave the gift to and their relationship to you
When you gave them the gift
The value of the gift
Many different things can be classed as a gift when it comes to inheritance tax. Some examples might be a house, money, jewellery and stocks and shares.
It’s a good idea to get professional advice about what you can give as a gift tax-free. It’s also important because different rates apply depending on the value of the gift and when you die. You can speak to a solicitor or a tax adviser about this.