My widowed sister wants to give an investment property to her son (my nephew). She bought the property several years ago. It's mortgage free and has been let to tenants throughout the time she's owned it. She understands she'll have to pay CGT for the privelege of giving the property to her son but asks me (in my role as her executor) what happens with regard to IHT if she fails to survive for 7 years following the gift. It rather looks to me like her Estate could take a hit for IHT even though she's paid the CGT on the gift. This wouldn't happen if she sells the property.
HMRC Capital Taxes Enquiry office refuses to answer hypothetical questions about tax law and refer me to the HMRC website which, so far as I can see has no information on this topic.
Has anyone come across/dealt with this situation?
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