Commentary

I12.405 Excluded transactions—the disposal condition

IHT, trusts and estates

I12.405 Excluded transactions—the disposal condition

I12.405 Excluded transactions—the disposal condition

The disposal condition applicable to land or chattels will not be met where the disposal of the land or chattel in question falls into one of the following categories1:

  1.  

    (i)     A disposal by the chargeable person of his whole interest in the property (except for any rights expressly reserved by him over it) either by a transaction made at arm's length with a person not connected with him, or by a transaction such as might be expected to be made at arm's length between persons not connected with each other.

  2.  

    For the purposes of Schedule 15 the provisions of ICTA 1988, s 839 are to be applied in determining whether a person is connected with another person, but modified so that the expression 'relative' includes an uncle, aunt, nephew and

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