PET when setting up a joint bond.
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!)