A transfer of value is an exempt transfer if, or to the extent that, it is shown:
(1) that it was made as part of the transferor's normal expenditure1;
(2) that (taking one year with another) it was made out of his income2; and
(3) that, after allowing for all transfers of value forming part of his normal expenditure, the transferor was left with enough income to maintain his usual standard of living3.
A payment of a premium on a policy of insurance on the transferor's life, or a gift of money or money's worth applied, directly or indirectly, in
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