Practical Law UK Glossary 4-382-6100 (Approx. 10 pages)
Glossary
Potentially exempt transfer (PET)
A transfer of value made during the donor's lifetime, that comes within the provisions of section 3A of the Inheritance Tax Act 1984. A PET is only chargeable to inheritance tax if the donor fails to survive for seven years from the date of the transfer of value.