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Thank you for the information above which is very useful - I have only the following question:
Their combined wealth will exceed the £650,000 (£325,00 each) but as I understand it from above, even if they do not survive 7 years after the gift, we would only pay IT on anything above the combined £650,000 meaning the property would be 'safe' from IT at all times?
So sorry, but just to be absolutely clear, even if they do not survive 7 years after they give us the money, we would not pay inheritance tax on the first £325k per parent.
Thank you - that's it!!
Hello- whilst I accepted your answer last night - having reviewed the HMRC website, I do not think it is at all correct as my parents would be moving into the new house with us so pre-owned asset tax looks to me like it would very much apply.
I've no idea if you'll answer this given I rated last night but sadly on reviewing the HMRC link you provided, it seems to establish what you told me isn't correct for our situation? Anyway, thank you in case you do see this!