| 单词 | potentially exempt transfer |
| 释义 | potentially exempt transfer = PET A lifetime gift made by an individual to another individual, or into an interest-in-possession trust that does not attract a liability to inheritance tax at the date of the gift. No charge occurs if the donor survives seven years after the date of the gift. If death occurs within seven years of the gift, the total lifetime gifts in the seven years preceding death are added back into the estate of the deceased for the purpose of levying duty. The gifts are taken in chronological order with the first £215,000 worth of gifts being covered by the nil-rate band. Gifts in excess of this sum are charged at a flat rate of 40% with graduated relief for gifts made between three and seven years before death. See also: |
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