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People you give gifts to will be charged Inheritance Tax if you give away more than £325,000 in the 7 years before your death. The tax would be on your son if you were to pass away before 7 years has passed.
If there’s Inheritance Tax to pay, it’s charged at 40% on gifts given in the 3 years before you die.
Gifts made 3 to 7 years before your death are taxed on a sliding scale known as ‘taper relief’. Gifts are not counted towards the value of your estate after 7 years.