Trying to sort out IHT for our family.
A property was gifted to myself a couple of years ago.
Things carried on normal for the person making the gift enjoying living in the property, paying bills, etc.
No rent, or money or upkeep, etc. were exchanged, or paid for by me.
So quite clearly imo, it has been a Gift with Reservation.
However, I cannot find a clear answer if RNRB can be added to the IHT threshold.
If RNRB can be applied, is that based on the current value (property is worth around £150k)? Or a flat rate of £175k?
So increasing IHT from £325k + £150 to £475k & not the maximum £500k.
Is there anything I may have missed over GWR? Or any hidden tax I am not currently aware about? CGT (I thought this had been paid at date of transfer, but not sure as it was all handled by a law firm at the time) or some sort of income tax as no rent was collected.
Thanks
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