Part III
| Nov 1987 | X makes a PET of cash of £95,000 to Y. |
| Dec 1987 | Y makes a loan to X of £95,000. |
| May 1988 | X makes a gift into discretionary trust of £20,000. |
| Apr 1993 | X dies. His death estate is worth £182,000. A deduction of £95,000 is claimed for the loan from Y. |