A deceased's will (died 1 month ago) leaves a three way interest in a house valued at £850,000. The house is to be sold and the will provides that the £850,000 be split £275,000 to each of two children and £300,000 to the wife. Each child has received £50,000 in gifts in the last year.
Can we write a deed of variation that reduces each child's interest in the house to £75,000, and gifts the remainder of each entitlement to the widow, thus using fully the £250,000 zero rate allowance?
Could the widow then gift each child an amount, which would only be subject to IHT were the widow not to survive 7 years?
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