mindmelted

Hi, I'm struggling to understand the rules around Inheritance tax when a property is gifted to a child. My parents and I currently reside in a house that has been owned outright (no mortgage) by them for over 15 years and has an estimated value of £400k. We have no intention of selling the house or moving out. My question is, if they transferred their shares of the property to me and one of the parents died within 7 years, would I be liable for Inheritance Tax? Or considering one parents share would have been worth £200k at the point of transfer, would that fall within the £325k nil rate band? One thing I'm fairly certain of is that no CGT would be due as my parents bought the house to live in and if I inherited it, I would do the same. Would appreciate any easy to digest info on this matter as the official guidance is too much for my sleep deprived brain to handle and google searches aren't helping.