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HMRC internal manual

Inheritance Tax Manual

HM Revenue & Customs
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Step 1 - the starting value of specific gifts: gift of an annuity

Where a specific gift (IHTM26011) is a gift of an annuity you should follow the instructions at IHTM11071 to value the gift. Although those instructions apply most commonly to gifts of annuities to spouses or civil partners (IHTM11032), they also apply to gifts of annuities to other persons.