Commentary

I1.503 Transfer of value

IHT, trusts and estates

I1.503 Transfer of value

I1.503 Transfer of value

'Transfer of value' is a term which permeates much of the legislation. A transfer of value is a disposition made by a person (the transferor) as a result of which the value of his estate immediately after the disposition is less than it would be but for the disposition, and the amount by which it is less is the value transferred by the transfer1 (see I3.102, I3.111–I3.114). 'Disposition' is not given any statutory definition (apart from an extension to include 'associated operations'—see I1.504 below) but is a term of a wide general meaning (see I3.112). A

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial