What is Taper relief?
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If you make a gift into a PET, then Taper Relief might apply. Taper Relief is a tax reducer. It doesn't reduce the amount of capital transfer for inheritance tax, it reduces the tax payable. It is important to know that Taper Relief only applies to the excess of gifts which exceed over £325,000. For example, if you gift £525,000, then Taper Relief would only apply to the excess £200,000.