IHT and swapping residence

My parents bought me a new house last year but it is not near London (i.e. the location of my new job). My parents have their own property in London and agree to swap it with me for living arrangement (i.e. I will live in their property in London while they will move to the house they gifted to me, but the ownership of these two properties remain unchanged). Is there any taxation implication? Does it amount to gift with reservation?

Hi ipmuimui,
If neither party is not charging rent then there is no tax implication at this time. for Inheritance tax purposes, you would need to call 0300 123 1072 and check with the IHT deaprtment.
Thank you.