What does ‘Potentially Exempt Transfer’ mean?
The inheritance tax (IHT) limit has remained at the April 2009 level of £325,000 until April 2028. As a result, potentially exempt transfers (PETs) are becoming a vital tool for reducing IHT liabilities. But what exactly is a PET, and how does it affect your IHT obligations? What Constitutes a Potentially Exempt Transfer (PET)? A […]