A Legacy is a Gift resulting from a Will.
Types of Gifts:
Demonstrative - A demonstrative gift is one from a specified source. An example is money from a specified savings account.
Devise - A devise gift is property. An HMRC definition (IHTM12082) is 'real or immoveable property'.
Pecuniary - A pecuniary gift is a sum of money.
Specific - A specific article, a gift of a particular asset of personal estate.
More than one of these terms can apply to a gift, for example a sum of money from a specified account is both Pecuniary and Demonstrative.
In the case of a demonstrative gift, if there are insufficient funds in the specified source the balance is paid from the general estate, unless otherwise instructed in the Will.
Gifts within 7 years of the Will coming into effect are within the scope of the Inheritance Tax calculation.
The above is a top level summary, more detail on how these terms are used for Inheritance Tax purposes can be found at this link to the HMRC Inheritance Tax manuals.
Wills in English
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