Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
, see all updates

Lifetime transfers: the charge to tax: potentially exempt transfers (PETs): rate of tax

You use the rate in force at the date of death (usually 40%).

If the transfer is after 15 March 1988 and the rate of tax at the date of transfer is for any reason lower than the date of death rate you can use the lower rate.