Are these my retirement options?

xylophone

They don't go chasing after the recipients of the gifts. 

Well........

https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/potentially-exempt-transfers/

Example of death within seven years

Michael makes the following transfers (after exemptions and reliefs):

• £170,000 to his son, Noah, in August 2017
• £170,000 to his daughter, Olga, in February 2018

Michael dies with a death estate of £225,000 in October 2020 when the NRB is £325,000.

The gift to Noah becomes a chargeable transfer and absorbs £170,000 of the NRB at date of death. No tax will be due on the failed PET

The gift to Olga will use up the remaining NRB of £155,000 meaning that the excess of £15,000 becomes chargeable in its own right and is cumulated with the death estate to calculate the IHT payable. IHT is charged on the cumulative total of £240,000.

Olga is primarily liable for the tax due on the failed PET (no taper relief will be due.)

https://www.moneymarketing.co.uk/view-from/who-pays-inheritance-tax/

Some gifts, known as potentially exempt transfers (PETs), may become chargeable to IHT if the donor dies within seven years of making the gift. Where tax is due on a failed PET, it is the person who received the gift who must pay the tax, but remember they may be able to benefit from taper relief. If the person receiving the gift can’t or will not pay, the amount due then comes out of the deceased’s estate.

Secret2ndAccount

Oops, sorry about that. I will go back and fix my post.

A little hard on the recipients of gifts don't you think?