The definition of gifts for duty purposes

Abstract

In the Estate and Gift Duties Act 1968 Hereafter referred to as "the Act" "gift" means As defined in s.2(2) : "... any disposition of property, wherever mid howsoever made, otherwise than by will, without fully adequate consideration in money or money's worth passing to the person making the disposition: Provided that where the consideration in money or money's worth is inadequate, the disposition shall be deemed to be a gift to the extent of that inadequacy only:" This method of defining "gift" excludes any meanings other than the one given. "Gift" is defined as meaning and not as including.... For the purposes of the Act the terms of the definition alone determine the existence and extent of a gift.