Is this allowable to gift to grandchildren (considering 7 year IHT exemption rule)?

getmore4less

Going back over 7 years of records would wipe £1000s of professionally managed estates.
In some cases with certain transactions can require going back 14 years.


Just won't happen unless there are signs more in-depth is needed because a lot of previous assets or income are not accounted for after an overview.

Making small amounts like £10k disappear is pretty easy, £100k get harder.

UK tax is mostly done on an honesty basis  estate capital returns are an example.

Jeremy535897

An election can sometimes be made to reduce the value of the PET to the value at date of death (if the transferee still owned it), or the sale proceeds, if it has been sold. See https://www.legislation.gov.uk/ukpga/1984/51/section/131

Unfortunately, though, this does not apply to wasting assets like cars (section 132 IHTA 1984).