Commentary

I4.233 Specific and residuary gifts

IHT, trusts and estates

I4.233 Specific and residuary gifts

I4.233 Specific and residuary gifts

A gift is 'the benefit of any disposition or rule of law by which on the making of a transfer, any property becomes (or would but for any abatement become) the property of any person or applicable for any purpose'1.

This formulation directs attention to the status of the recipient, and makes it clear that 'gift' in this context includes an involuntary devolution of property, for example under the intestacy rules or under the terms of a settlement.

The value of each beneficiary's gift will be determined according to the value of the testator's estate immediately before

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