Gifting property back to my parents

ali2007 | 14:10 Wed 30th Jan 2008 | Business & Finance

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My parents gifted me their property 6 months ago as they decided to live abroad. However they have now returned as things did not work out. As they will be living in the same house, we have decided that I may want to gift the property back to them and that they can write a will to transfer it in the event of death. What are the tax implications of this situation? I understand that the 7 year IHT rule will apply in the case of my death. But can I continue to live in the same property without paying rent?

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