Introduction Many people know a little about the “Seven Year Rule” relating to gifts made during your lifetime (rather than after your death under your Will or intestacy). Such gifts are known as Potentially Exempt Transfers (PETs) because if you survive at least seven years after making the gift, there is no Inheritance Tax payable. There are, however, some conditions. Potentially Exempt Transfers If you make a lifetime gift but die within seven years, the gift counts towa