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Edited - 7 year gift rule exists, but subject to gifts with reservation of benefit.
And also gifts are treated as disposal for CGT purposes.
Acliff-
Also capital gains tax as I understand it since it wouldn't be my principal private residence
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If they added you (and any siblings) to be added to the deeds, then with the 7 year gift rule, you could significantly reduce IHT.
Not if the parents continue to live there and jellybaby and his siblings don't. If you give away a property on the basis you'll continue to live there it's a 'gift with a reservation' and it still forms part of your estate.
jellybaby
Brommers
Meanies.
My parents are still in my childhood home that they have been in since 1973. Think they paid something like 12k for a 3-bed Victorian terrace in Crouch End backing onto a cricket pitch. Worth a bit more now so inheritance tax is likely to be an issue, which I'll be happy to pay.
The trouble with IHT is the truly wealthy don't pay it.