Inheritance Tax

Hello! My parents are thinking of transferring their 1st property to me. May I ask what the inheritance tax implications are. I have reviewed the HMRC guidance, but am unclear as to: Do my parents have a joint allowance of £650,000 (£325,000 x 2), or £500,000 (I have seen this number around!) If it is £325,000, would that mean that, if the property had an equity value of £400,000, I would be liable to Inheritance Tax on the property? Thanks!

Hi,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you.