A gift is 'the benefit of any disposition or rule of law by which on the making of a transfer, any property becomes (or would but for any abatement become) the property of any person or applicable for any purpose'1.
This formulation directs attention to the status of the recipient, and makes it clear that 'gift' in this context includes an involuntary devolution of property, for example under the intestacy rules or under the terms of a settlement.
The value of each beneficiary's gift will be determined according to the value of the testator's estate immediately before his death (see I4.111). Administration expenses are disregarded. The 'gift' for the purposes of these provisions will not be the same as the
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