I4.242 Attribution—gifts out of different fundsWhere gifts on death take effect out of different funds, IHTA 1984, ss 36–39 (the attribution rules) are to be applied separately to the gifts taking effect out of each of these funds with the necessary adjustments of the values and amounts referred to in those provisions1.Meaning of 'fund'The meaning of 'fund' for these purposes is not entirely clear. However, HMRC has given a number of indications2 of what they deem to be different funds: • Each trust or settlement under which the deceased had an interest in possession • Property passing by
Where gifts on death take effect out of different funds, IHTA 1984, ss 36–39 (the attribution rules) are to be applied separately to the gifts taking effect out of each of these funds with the necessary adjustments of the values and amounts referred to in those provisions1.
The meaning of 'fund' for these purposes is not entirely clear. However, HMRC has given a number of indications2 of what they deem to be different funds:
• Each trust or settlement under which the deceased had an interest in possession
• Property passing by
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