IHT - 7 year rule

Hi, if my parents gifted me an asset but I'm thinking of gifting it back, for IHT purposes, whose estate does the asset fall under should either party pass away? In other words, as 7 years has not passed since they gave me the asset, technically it is still under their estate and not mine, correct? Can you tell me if it affects my estate at all? E.g. if I died within 7 years of gifting it back to them, are there any IHT for my estate? It would seems unreasonable if the 7 year rule for gifting would apply to both estates in this case? Grateful if you could provide some clarification on the above situations. Thank you in advance.

Hi,

Please contact the Inheritance Tax team for advice.

Inheritance Tax: general enquiries

Thank you.