This being the case, your mother can gift you the car at the value shown for probate purposes and there is no IHT and/or CGT payable by either person.
I hope this is helpful and answers your question.
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The total estate is worth approximately £1.2m. It will be liable to IHT on her death. If she gifts me the car, I am assuming that if she lives for more than 7 years it will not be part of her estate?
Thank you for your reply.You are correct in your understanding... the gift would be treated as a potentially exempt transfer for IHT purposes and the seven year rule would apply.
Please accept my condolences on the demise of your father.
I hope this is helpful.