PET when setting up a joint bond.

 Hi everyone,

I've been puzzling over this today - if a married couple invest £500,000 into a bond held in trust and one of them dies within 7 years, is this a PET?  I am unsure whether tax would be due on £250,000 and utilise some of the NRB or not as it was joint and the bond would continue?

Hope that makes sense!  Any help greatly appreciated! (it's been a while since R03!)

Frances :)

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