Potentially exempt transfer--can it be returned or diverted to another recipient

Can a monetary or property gift given during lifetime(potentially exempt transfer) be returned to original giver or diverted to another person (as in deed of variation when left in will) when the original recipient does not need or want it. What are the tax implications for both original giver and original recipient? Is there a time limit from when gift originally given when this can be implemented?

Hi,
We can only provide general information / guidance in this forum.  
For an answer to a detailed question of this nature, you would need to contact our self assessment helpline on 0300 200 3310, or if in relation to Inheritance tax, call 0300 123 1072.
Thank you.