Part II
| Jan 1988 | A makes PET of £150,000 to B. | |
| March 1992 | A makes gift of land worth £200,000 into a discretionary trust of which he is a potential beneficiary. The gift is a “GWR”. | Tax paid £19,500 |
| Feb 1995 | A dies without having released his interest in the trust. His death estate valued at £400,000, includes the GWR land curently worth £300,000. |