The value transferred ( IHTM04028) by a GWR ( IHTM04071) will depend on how the gift is being taxed. If it is being taxed as part of the deceased’s estate on death, the property transferred will be valued as part of the deceased’s estate. ( IHTM04044) If it is being taxed as a PET, ( IHTM04057) the property transferred will be valued on the basis of the loss to the transferor’s estate. ( IHTM04054)
