A widow was the sole beneficiary of her spouse’s estate and thereby has qualified for the double IHT allowance (£650,000)
Since her husband’s death she has however, made a number of cash gifts to her grandchildren to assist them in their property purchase. These are PETS and until 7 years have passed will be treated as part of her estate.
The total of these PETS is substantial and is in the region of £470,000.
If this lady should die before the required 7 years has elapsed, would the fact that a very substantial part of her estate for the purpose of IHT consist of the PETS, put her double IHT allowance at risk?
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