Glossary - Gifts
Description
Gifts are transfers of money, assets, or property made without receiving something of equal value in return. For tax purposes, gifts may have income tax or inheritance tax implications depending on their size, timing, and the relationship between the giver and the recipient.
Alternate Names
- Potentially exempt transfer (PET)
- Annual exemption
- Lifetime gifts
- Seven-year rule
- Chargeable lifetime transfer
- Gift with reservation of benefit
