589. Miscellaneous provisions relating to previously owned property.

Any disposition made by a person ('the chargeable person') in relation to an interest in the estate of a deceased person is disregarded1 if that disposition is not treated2 for the purposes of inheritance tax as a transfer of value by the chargeable person3.

Where a person ('A') acts as guarantor in respect of a loan made to another person ('B') by a third party in respect of B's acquisition of any property, the mere giving of the guarantee is not regarded as the provision by A of consideration for B's acquisition of the property