PET Gifts

[lloyds99]

I have made some large PET gifts to my 2 adult children over the last 8 years but neither I nor my accountant, appear to have notified HMRC of these gifts, should we have done so?.
In the event of my, and my wife's death within the next 7 years will this cause any problem?. The gifts were all quite legit and done via bank transfer but I only have statements going back about 5 years; will I need anything else as proof?

[AGoodman]

No need to inform HMRC of a PET unless you die within seven years. At that point, your executors/administrators have to report them on the IHT return. They don't need proof, just to know the sums and dates they were made - presumably they can remember or gather that from your sons' own statements. Banks can usually supply info going back at least 6 years anyway.

If you keep the statements you have, and survive at least another two years, you will have statements for all the relevant gifts!

[lloyds99]

Thanks very much A Goodman