There has been much chatter in the press recently regarding the abolition of Inheritance Tax (IHT). However, for the time being, and for the foreseeable future I expect, it remains a thing and should be planned for accordingly. One effective way to do this is via gifting. If you make a gift during your lifetime, it becomes exempt from IHT after seven years. However, many people are unsure how to report these lifetime gifts to the taxman (HMRC).