My grandfather gifted my father his property in the 1990s and on my grandfather's death in 2014 we accounted for IHT on the house on a standard 'gift with reservation' basis.
However in the year 2000, on marriage, my father gifted 50% of the property to his new wife (my stepmother) and the pair of them later (2007) gifted my sister a share (all this while my grandfather was still living in the house without paying any rent).
The house was sold on my grandfather's death in 2014.
My stepmother died recently, and when completing the IHT forms, I'm asked whether she has ever given away an asset that the recipient couldn't take possession of - which clearly is the case as my sister and I couldn't realise our gifted share of the property at the time. So, given I have to declare the gift she made to us - even though it was more than 7 year before her death - what on earth do I fill in for the 'Value at date of death' figure requested, given that the property is long sold???
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