The importance of determining precisely the time at which a gift is made is explained at ¶614-850. This subject has a long history, during which the courts have had to decide, for fiscal and for non-fiscal reasons, the moment at which gifts of different types of property are perfected. To some extent, the answer will depend upon the law of property but it is not necessarily the case that a gift takes place at the same moment as ownership passes from donor to donee. The difficulty is in applying IHTA 1984, s. 3(1), which defines a transfer of value, to the general law relating to gifts of different types of property.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.