What is a Potentially Exempt Transfer or PET?
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PETs have no limit. If you wanted to give away £10million, you could, and if you live for seven years after this, then this will fall outside of your estate. However, you need to be careful. If you gift large amounts to your children directly and they go bankrupt or get divorced, you would have no control over the gifted money, and as a result, it could leave the family bloodline.