Saying Goodbye to the 7-Year Inheritance Tax Rule
The 7-year rule, an Inheritance Tax Rule, allows individuals to avoid paying a penny in taxes. However, this rule may soon be abolished.
As people age, they become more aware of the harsh realities of adult life, particularly when it comes to inheritance. Inheritance provides financial security to loved ones, but high tax rates are causing some to reconsider.
The UK has some of the highest Inheritance Tax rates globally, ranking among the top ten highest in the world, according to a Tax Foundation report.
The 7-year rule could alleviate future burdens on loved ones if understood properly.
Author's summary: Inheritance Tax Rule under threat.