Heat capacity and thermal dilatation of potassium heptafluorotantalate were studied. Room temperature phase P21/c is stable at least to 4 K. Strong first order phase transition P21/c ↔ Pnma at T0 = 486.2 K is accompanied by giant changes in the entropy, ΔS0 = 22.3 J/mol•K, and volume strain, δV0/V =-3.5%. A rather high sensitivity of K2TaF7 to pressure was found, dT0/dp =-220 K/GPa. Significant extensive and intensive barocaloric effects are found at low pressure. The possibility of improving the barocaloric properties is discussed.