Gifting property to children

[Katherine]

If I gift part of my property to my adult daughter who lives with me and she continues to live with me until my death is that gift a potentially exempt transfer as I have not reserved a benefit since she lives there with me? If I gift part of the property to a child who does not reside with me then it cannot be a PET for inheritance tax. The same applies if my daughter moves out of the property within the 7 years then the 7 year rule will start from when she returns. Is this correct?

[Lee Young]

All your statements are correct. If two of you live in the property to be safe you should only give half to the other. If yor daughter nmoves out at any point, then a gift with reservation will arise unless you then pay a market rent for occupying her half.