The following Trusts and Inheritance Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
A specific gift, where the term refers to a disposition by Will, is generally understood to be a bequest of a defined asset, such as a gold watch. A pecuniary legacy of a defined amount is also a specific gift. Inheritance tax legislation defines a specific gift negatively as meaning “any gift other than a gift of residue or of a share in residue”. This is somewhat circular since residue is what is left after debts, expenses and legacies have been paid. Nevertheless it is clear that a specific gift is a particular item or quantified amount, whereas a residuary gift is part or all of what is left. If the gift is a share of residue it is defined as a division, fraction, or percentage of an unquantified amount.
Specific gifts include the following:
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