Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
You are indeed correct- your mother in law would be treated for IHT purposes as still owning the land,as the gift will be classed as a "gift with a reservation". As she will be treated as still owning it, the valuation will be as at date of death.
I hope this clarifies the position to you.
Can I be of any more assistance?
Hi AlanCan I assist you any further?
If not, I would be grateful if you could rate my answer.
sorry for not the delay in 'signing' off as it were the response you made which was answered promptly but I did not realise that I had to do so for the money to be released. sorry- thank you for the information