IANAA, but it was something Nigel Lawson did: things you give away more than seven years before you die don't count for inheritence tax purposes.
(Less than that, and they do to some extent - it's to stop you escaping the tax by giving everything away in your final minutes.)
So, if your parents give you their house and survive for seven years, there will be no tax bill on it. But they've got to trust you, as there are restrictions on placing conditions on the gift (ie no 'I give you this house, but you must let me live there for free for life...')
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baggyeyes
(no subject)
Date: 2004-10-01 05:09 am (UTC)(Less than that, and they do to some extent - it's to stop you escaping the tax by giving everything away in your final minutes.)
So, if your parents give you their house and survive for seven years, there will be no tax bill on it. But they've got to trust you, as there are restrictions on placing conditions on the gift (ie no 'I give you this house, but you must let me live there for free for life...')