Inheritance tax help! Purchasing properties

[holiday11]

I am moving out of my home as I can no longer get up the stairs. I am using the proceeds of the sale of my house to gift my daughter with £150,000 deposit for a house which she will get a mortgage on and own (and I will live in) and also to buy a small flat outright for £250,000 which I will own but my daughter will live in. Will we be exempt from her paying Inheritance tax with this arrangement? The cash gift is under the £325,000 threshold and the flat I will leave to her will be covered by the additional £175,000 for leaving a primary residence. Is that correct? We don't want to make a big mistake!

[Stanley10]

Gifting of any amount is exempt if you live for 7 years?? if you don't survive 7 years the gift comes back into your estate to be included and IHT calculated I thought but maybe wrong! there is a sliding scale for the gift too so if you survive 5 yrs its less percentage I think.
I maybe totally wrong.