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Where Taxpayers and Advisers Meet

PET Gifts

lloyds99
Posts: 34
Joined: Wed Aug 06, 2008 3:32 pm

PET Gifts

Postby lloyds99 » Mon Mar 12, 2018 12:35 pm

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
Posts: 437
Joined: Fri May 16, 2014 3:47 pm

Re: PET Gifts

Postby AGoodman » Mon Mar 12, 2018 2:40 pm

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
Posts: 34
Joined: Wed Aug 06, 2008 3:32 pm

Re: PET Gifts

Postby lloyds99 » Mon Mar 12, 2018 3:28 pm

Thanks very much A Goodman


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