Although this is a book about inheritance tax, some discussion of the capital gains tax (CGT) regime is essential to help you to avoid certain unpleasant consequences with regard to PETs. Namely, the inadvertent triggering of a charge to CGT when you make a PET.
CGT is not charged on gifts of cash. Therefore a PET in the form of cash or a cheque will not trigger adverse CGT consequences.
CGT is not charged on your home (or, if you have more than one home, the home that you occupy as your main residence). This is called main residence relief; it is why you can sell your home without having to pay CGT.
CGT, as the name suggests, is a tax on the gain in value of an asset. The charge does not arise until the asset ...