38 Attribution of value to specific gifts
Inheritance Tax Act 1984 (1984 c 51) | Legislation

38  Attribution of value to specific gifts

(1)     Such part of the value transferred shall be attributable to specific gifts as corresponds to the value of the gifts; but if or to the extent that the gifts—

(a)     are not gifts with respect to which the transfer is exempt or are outside the limit up to which the transfer is exempt, and

(b)     do not bear their own tax,

the amount corresponding to the value of the gifts shall be taken to be the amount arrived at in accordance with subsections (3) to (5) below.

(2)     Where any question arises as to which of two or more specific gifts are outside the limit up

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