Definition of potentially exempt transfer in English:
potentially exempt transfer
noun
British Finance
A gift made from one person to another which is exempt from inheritance tax provided the donor survives for seven years after the gift is made; abbreviated PET.
Origin
1980s; earliest use found in Bill 117.
Definition of potentially exempt transfer in US English:
potentially exempt transfer
noun
British Finance
A gift made from one person to another which is exempt from inheritance tax provided the donor survives for seven years after the gift is made; abbreviated PET.