IHTM26013 - Specific gifts: value of specific gifts

A specific gift (IHTM26011) is usually a gift of a specified sum, or of a particular asset, in the estate. But the partly exempt transfer rules (IHTM26071) often produce a value for the specific gift to be used when calculating the Inheritance Tax due which is different from the specified sum or value of the asset given. 

»Ê¹ÚÌåÓýapp value of the specific gift may be less where there is abatement (IHTM12086), or interaction (IHTM26101).

»Ê¹ÚÌåÓýapp value of the specific gift may be more where there is grossing up (IHTM26121) under IHTA84/S38, or the gift is of only part of an asset in the estate so that it is valued as a proportion of the whole asset in the estate.