Property is owned jointly between father and son (joint tenants, no mortgage). Was bought in Sept 2013. Intended as a gift to mitigate IHT liability post 7 years. Father has no financial interest in the property.
Supposing the property is sold this year and the proceeds go towards a bigger property with a small mortgage to top up, where do we stand with IHT liability? Does the 7 year rule continue with a purchase of a new property or would it reset (given we have built up 3.5 years so far.) This time, it would be bought solely in the son's name.
Many thanks for your help.
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