Parents passing property to child

[mp2016]

Hello

I have a friend who is 55 and her parents want to ensure that she receives their house when they die (or before) and not be hit with Inheritance tax or CGT.

The property is currently worth 450k and perhaps 550k when they die, based on historical house price increases.

My understanding is that there is the 7 year rule with the sliding scale, however is there any considerations she needs to make with regards to the fact that she currently resides at the property and will continue to do so until the die.

Is the best option to gift the property now under the 7 year rule? Or are there other options?

Thanks in advance

[pawncob]

https://www.gov.uk/inheritance-tax/passing-on-home

[AGoodman]

Lifetime gift is unnecessary.

The parents can leave up to £1m (including a home) to their children without paying inheritance tax.