tax advantage in transferring UK assets to US-based son?

[tiffany]

My wife and I are Italian nationals who have lived in the UK 35+ years, although our domicile is still Italy. Residence is UK. We plan to return to Italy within the next few years.

Our son lived in the UK from 1969 to 1993 approximately, and arrived in the US in 1998 where he works for a US company. He is married to a US-citizen and will shortly receive a green card.

He has an offshore account (channel islands?) with a UK bank and visits the UK once a year/every 2 years for a few days.

We are in our 80s and would like to (if legally possible) avoid inheritance tax in case we die in the UK. Is there any way we avoid this tax- and any other associate with death by transferring our UK assets (house principally) in his name.

If we are still around (fingers crossed) we would sell the house in a couple of years and return to Italy.

Second question, if the house in the UK is in his name and we sold it when ready to return home, would we avoid any taxes associated with selling UK property.

Thank you!

[tiffany]

Tiffany here. My husband forgot to say our son is an Italian citizen and has paid income taxes/received unemployment only for a few months while working summers in the UK as a student 15 or so years ago.