Inheritance tax

We have an elderly married couple who own a property which could be worth about £1m.

They own this property outright. However, their daughter and son in law live with them in this property. The daughter and son-in-law have spent approximately £350k on improvements to the property.

The daughter and son in law are set to inherit the property on the parents' death. The question is, will the improvements that the daughter and son-in-law paid for be taken into account for inheritance tax purposes?

 

Thanks. 

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