Provided you lift the 7 years, then your daughter takes the property free of inheritance tax. What you have been told is correct. There would be full liability for the first two years and honorary sliding reducing scale for the final five years.
This is on the strict understanding that you don’t have any interest in the property, and that you don’t live in it. Otherwise it is a gift with Reservation and it wouldn’t help at all.
In your will, you would obviously exclude any gift which your daughter had already had and you would have a Letter of Wishes with the will which explained that she had had the property is what is in effect an advance of her inheritance.
That is essential to stop her trying to claim a chunk of your estate after you pass away, saying that she was entitled to 1/3 of everything else even though she already had the house.
If you still want to speak on the telephone, I would be happy to call. Please let me know.
Thank you for letting me assist you with your legal question. I am glad that I was able to help.
I am not certain whether that answers the question for you or not, but I am happy to answer any specific points arising from this.
It will be my pleasure to help you again either further with this or any future questions you have