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What does PET stand for?

PET stands for Potentially Exempt Transfer (UK inland revenue)

This definition appears frequently and is found in the following Acronym Finder categories:

  • Military and Government
  • Business, finance, etc.

See other definitions of PET

Other Resources:
We have 367 other meanings of PET in our Acronym Attic

Samples in periodicals archive:

However, this is far from straightforward as there is a reasonable amount of work required and checks which must be conducted, particularly as the transfer is either a potentially exempt transfer or a chargeable transfer when it is placed into the trust.
These planning measures, and others, are subject to an on-going general review by the government, which is taking a fresh look at tax exemptions including IHT and Potentially Exempt Transfers, the long-accepted device under which gifts are free of tax provided the donor survives for seven years.
Potentially Exempt Transfers You can pass assets to family and friends during your lifetime as you like by using the potentially exempt transfer rules.
There are some strategies to consider, such as leaving money in trust for your children, tax free gifts to heirs - up to pounds 3000 a year - and Potentially Exempt Transfers.
Some of the ways of reducing Inheritance Tax through trusts involve using Potentially Exempt Transfers but again this may be difficult if your liquid assets are limited.