Hello and welcome to the site. Thank you for your question.If your client is selling the property that is her only property and also main residence, thenCGT implications- no CGT payable as all gain covered by private residence reliefIHT implicationsIHT only payable if the estate at the time of death exceeds the threshold of £325,000.
Gift to children The gift to children is regarded as a potentially exempt transfer and seven year rule applies to the gift.
If your client survives for seven years after making the gift, no inheritance tax is due as the gifts are generally exempt from inheritance tax no matter what the value.
However, if she dies within this time then these PETS are added to the estate to ascertain if it exceeds the threshold for IHT.
More information on this can be found under "Gifts that might be tax-free" here
I hope this is helpful and answers your question.
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