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Transferring ownership of property to children is common for reducing inheritance tax or care home fees. Leaving property as a gift in a will is the most common method. Inheritance tax is 40% on the total estate value over the tax-free threshold of £325,000, but with the residence nil rate band, it can increase to £500,000 if leaving it to children. Widows may have a £1 million tax-free threshold. Gifting property while alive for tax planning is an option, but consider the seven-year rule if you die shortly after gifting.
