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Taper Relief

If a person gives away a sum of money or an asset valued in excess of £3,000 then passes away within seven years of making that gift, if their estate is then subject to Inheritance Tax, the amount they gifted or the value as at the date of the gift is added back into their estate on a sliding scale. This is because the Inland Revenue will see this as a measure to reduce their inheritance tax liability and thus class the gift as a potentially exempt transfer. This sliding scale is known as Taper Relief.
 

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