You can give away your home - but if you still benefit from it then your children will still face a bill SPONSORED BY TRADING 212 The Independent Money channel is brought to you by Trading 212. A commonly recommended way to reduce inheritance tax ( IHT ) is to make lifetime gifts . In simple terms, if you survive for seven years after the gift is given, it’s usually excluded from your estate and not counted in the inheritance tax calculation. For most people, their home is by far the largest