Thousands of families are being hit with “unexpected” inheritance tax bills because they are falling short of the seven-year rule, official figures show. The seven-year rule applies to any gifts that are above an individual’s annual gifting allowance. The inheritance tax seven-year rule is designed to encourage people to make gifts or transfer assets during their lifetime, rather than waiting until they die and potentially incurring larger tax liability for loved ones. Britons are often told by experts that they will have to take action and plan ahead if they want to avoid leaving their loved …