Commentary

I4.234 Determining the value of specific gifts

IHT, trusts and estates

I4.234 Determining the value of specific gifts

I4.234 Determining the value of specific gifts

Generally

Normally there will be no problem in determining the value of a specific gift. The value of a pecuniary legacy of £100,000 is £100,000, and the value of a gift of chattels is the market value of the chattels immediately before the testator's death. But there will be difficult areas, for example where the testator has a controlling interest in a private company which is divided between two or more legatees.

In such a case, it is provided that if the total value of the property given by the legacies is less

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