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.
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
We have 367 other meanings of PET in our Acronym Attic
- Plan de Expansión de Transmisión (Spanish: Transmission Expansion Plan)
- Planning, Environment and Transport (Gold Coast City Council; Australia)
- Politiets Efterretningstjeneste (Danish for Police Intelligence Agency)
- Polling Every Time
- Polyethylene Terephthalate (more common than PETE)
- Portable Electronic Thermometer
- Positron Emissie Tomografie (Dutch)
- Positron Emission Tomography
- Post-Exposure Treatment (rabies vaccination)
- Potential Evapotranspiration
- Pre-Eclamptic Toxaemia
- Precision Electric Turret
- Precision End Trimmed (lumber)
- Preemptive Targeting
- Preliminary English Test
- Preservative Efficacy Test
- Presidential Electoral Tribunal (Philippines)
- Prevention, Education and Training
- Primary Economic Term (stock market transaction reporting)
- Print Enhancement Technology
Samples in periodicals archive:
ATHE money will be classed as a potentially exempt transfer and providing you live for a full seven years from date of the gift, it will be deemed outside your estate under current legislation.
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.
The gift known as a Potentially Exempt Transfer will normally be free from IHT providing you live for seven years after you make the gift.
a valuable racehorse) is given away in the hope that the donor will live seven years, it is known as a potentially exempt transfer (PET).
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.