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What is a residuary gift?

In the context of a disposition by Will, a residuary gift is a gift of a share of what is left of the free estate after liabilities, expenses and specific gifts have been paid. See the Incidence of tax on specific gifts guidance note. If there are no specific gifts, the whole estate is comprised of one or more residuary gifts. In the context of intestacy, where the deceased was survived by a spouse or civil partner, the residue is the balance of the estate after deducting the chattels and statutory legacy. See the Intestacy guidance note.

The features described in this guidance note apply to a gift of residue of the free estate. They do not generally arise in other components of the death estate, such as joint property or gifts with reservation. The transfer of settled property in which the deceased had a qualifying interest in possession could be divided into specific gifts and residue and similar considerations apply. However, residuary gifts of settled property