Hi Keith, I'd like SAM TAX to answer the question please. Hope you don't mind. Thanks
Sam did not pick up this question within the time limit which is why it devolved upon me to answer. However, I have complied with your request.
I have been told by a colleague that Sam will not be about much for a bit, so if you would like a quicker response feel free to come back to me.
Thanks for your reply. The asset is the family house worth 450k. It was built with hard earned money and I don't want 40k (450k-350k-x40%) to go to the government. If she gifts part/all of it to her children and lives for 7 years more, would the inheritance tax still arise or not?