Inheritance Tax - Potentially Exempt Transfers - PETs - What are they? How do they work?

Kimberley Shapcott Property Tax and Accountancy

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As a Property Investor, we gather assets so Inheritance Tax is likely to be a question we have to deal with. How do we reduce our estate during our lifetime to reduce the impact of this final tax hit.
Potentially Exempt Tranfers are a great tool to look at ways to minimise our inheritance tax impact. So, what are they and how do they work to help minimise our inheritance tax liabilities?
In this video you will discover:
What is a PET?
How does the 7 year rule fit with PETs?
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DISCLAIMER: Please be advised that the content of my media is my personal opinion and is intended FOR GENERAL INFORMATION PURPOSES ONLY, not specific tax advice. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker. Making decisions on your tax position and investment decision is your own and appropriate specific targeted advice from a qualified accountant or tax advisor should be sort. The speaker will not be held responsible for any losses or gains based on decisions made following watching this video. Always do your own research and seek advice from an appropriately qualified professional.
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Опубликовано:

19 май 2023

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Комментарии : 2

@grolfe3210 Месяц назад

Nice and clear thank you. Two questions follow on from this- How do we record the gift to our children? Would a document confirming the parties, date amount and that it is a gift not a loan cover it? If two parents gift a PET to their children but then say one parent dies after 2 years and second after 7 years is it still exempt? Does the full exemption pass to the surviving parent?

@kimberleyshapcottpropertytax 12 дней назад

A simple note in your records is sufficient to record any gifts to children. There would be potential inheritance tax if one of the parents did not survive 7 years.