A potentially exempt transfer ('PET') is a transfer of value1:
(1) which is made by an individual2 on or after 18 March 1986 but before 22 March 20063;
(2) which, apart from these provisions4, would be a chargeable transfer5 (or to the extent to which, apart from these provisions, it would be such a transfer)6; and
(3) to the extent that it constitutes either a gift to another individual7 or a gift to an accumulation and maintenance trust8 or a disabled trust9.
A potentially exempt transfer is also a transfer of value:
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