IHTM14703 - PETs: property
representing the property transferred
The property acquired by the deceased from the transferee must
be the actual property transferred or must directly or indirectly
represent that property.
Gifts of cash may present difficulties, but
- generally you can treat cash subsequently
acquired from the transferee as representing the gifted
property
unless
- the facts are such that this could not
have been the case, for example if the cash gift had been used to
buy a house still owned by the transferee when he gave cash to the
transferor.
