Inheritance Tax - what is a gift?

We are considering selling our main home and gifting the proceeds to our two children to enable them to buy their first homes. We understand that if we (one or both?) live for more than seven years after the gift, the gift would fall outside IHT consideration. However, if we subsequently moved in with one of our children (multi-generational living), we would be "benefitting" from our gift. Would this have IHT impacts?

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