IHT - buying back an asset previously gifted

20 years ago my Father-in-law gifted a painting to my wife (his daughter). We are now considering selling the painting via auction, but he is keen to buy it back to keep it in the family instead. Is this possible on the basis he gifted it in the first instance, even though my wife is now legal owner and has been for significantly longer than the 7 year PET rule? Many thanks in advance for any thoughts / help.

Hi,
As it has been held for more than seven years, there is no IHT considertion on it. If it is sold back to her father, the market value must be applied for the disposal even if sold for less.
Thank you