Lifetime transfers: specific lifetime reliefs: potentially exempt transfers (PETs): when double charges relief arises
The relief Inheritance Tax (Double Charges Relief) Regulations 1987 (SI1987/1130) Reg.4 covers cases where the deceased had made a PET (IHTM14511) which has become chargeable, and immediately before the death was beneficially entitled to assets which:
- the deceased had acquired from the transferee otherwise than for full consideration in money or money’s worth
- are the assets transferred by the PET or represent that property
- are comprised in the deceased’s estate and is the subject of a chargeable transfer on death.
Apply the relief (IHTM14692) in these circumstances as usual.