Subject to certain exceptions, a potentially exempt transfer (PET) is a lifetime transfer of value that satisfies three conditions. They are that

the transfer is by an individual (IHTM04053) on or after 18 March 1986

it would be a chargeable transfer (IHTM04027) apart from IHTA84/S3A (or, if only partly chargeable, is a PET to the extent that it would be chargeable), and

it is a gift to another individual or to a specified trust, (IHTM04058).

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