Clarification - gift of family home to reduce IHT

[JezzR0]

Thank you all for your help and advice. Had some interesting chats to some TEP members and making arrangements to meet up with one.

They advise there are things we can do now to change the situation (e.g. I gift the house as was unaware of the full impact of gifting or possibly gifting back a share of the property). My stress levels have declined now and all the advice offered has been fantastic at getting this matter dealt with before it was too late.

Thank you

[maths]

Whilst by no means wishing to re-raise your stress levels may I suggest you approach with caution any advice offering quick solutions; you may well end up being worse off.

I suspect that it may have been suggested that you will be able to unwind the gift on the grounds of "mistake"; the tax cases of Pitt v Holt and Futter v Futter may even have been mentioned.

Whilst it is possible to "unwind" a gift it is by no mean's easy or straight forward.

Proceed carefully.

[JezzR0]

Thanks for the warning maths, duly noted.
The TEP member didn't say you can but rather we may be able, so not a fixed solution yet. We are meeting them to outline our whole situation and then they said they will investigate and confirm the actions they believe we should do with costs for doing that. They have actually picked up a couple more issues too.
Hopefully as the company are both tax advisors and solicitors, they will have a full picture - though perhaps I'll post their suggestions here too