The rules concerning partly exempt transfers operate by allocating the value of the estate between specific and residuary gifts (IHTM12082). In IHTA84/S42 (1) the word ‘gift’ means more than ‘a present’. It is defines a gift as ‘the benefit of any disposition or rule of law by which any property becomes the property of any person or applicable for any purpose’. This definition covers property that passes under a person's Will or under the rules of intestacy.

Examples of this are

bequests by Will (IHTM12041) of a sum of money, a specific asset such as a house, a life interest

bequests by Will of money or assets on charitable trusts

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