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HMRC internal manual

Inheritance Tax Manual

HM Revenue & Customs
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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. 

The value of the specific gift may be

  • less where there is

  • 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