Lifetime gifts are assets you give away before you die. Examples of lifetime gifts include:
money
investments
artwork
cars
jewellery
shares in a business
payments to a life assurance policy that is not for your benefit or does not pay out to your estate
If you survive the gift by seven years or more, then it is not normally subject to inheritance tax when you die. It is important that you do not retain any benefit of the gift, or inheritance tax will be due. Gifts that you make within seven years of your death may be subject to inheritance tax.  Transfers into Trusts are also subject to the seven year rule, however the inheritance tax position is more complex and legal advice should be obtained.