It gets worse chaps. It looks as if it is now 6 years under EASA, from another thread:
Under JAA rules:
To renew an IR(A) that has EXPIRED BY MORE THAN 7 YEARS, applicants must: For single-pilot aircraft pass an IR(A) skill test in an aeroplane with a UK CAA Staff Flight Examiner. Applicants will also be required to retake the IR(A) theoretical knowledge examinations.
LASORS 2010
So you got 7 years from the expiry date to renew it without losing your ATPL exam credits.
Under EASA rules:
If the IR(A) has not been revalidated or renewed within the preceding 7 years, the holder will be required to pass again the IR theoretical knowledge
examination and skill test.
CAP804
So you get 7 years from the test date to renew it without losing your ATPL ground credits.
I tried to argue this with Adam Whitehead recently but he confirmed that you only get 6 years from the expiry date.