greek_scouser

Hi I am reviewing inheritance planning options with my parents and looking into how best to handle their main residence which they own without a mortgage. I have always lived with my parents and understand that if they were to gift their home to me in it's entirety, they would either have to move out and never return or pay market rent for their share/use of the house/bills for at least 7 years to ensure that the property is exempt from inheritance tax (so to ensure this is not considered a gift with reservation), is this correct? ? However, from the HMRC website, I also understand you do not have to pay rent to the new owners if both the following apply: you only give away part of your property the new owners also live at the property Therefore, can you please advise that as I live with my parents and always have, would I be eligible for this should my parent wish to gift the property to me? What is considered part of a property? For example, if my parents have 1 bedroom within a 5 bedroom house, could they gift away 80% (4/5) of the property without having to pay rent at market rate and only 20% of this property being included within their estate for inheritance tax reasons? Thanks in advance