Commentary

I3.141 Commercial transactions for IHT―introduction

IHT, trusts and estates

I3.141 Commercial transactions for IHT―introduction

Disposition—exclusions: commercial transactions

I3.141 Commercial transactions for IHT―introduction

The definition of transfer of value (see I3.111–I3.113) is so wide that it could include and render taxable any transaction that caused loss, even though there was no intention of making a gift or reducing the value of an estate. However, if A owns a painting and sells it to B for £250, A should not have to pay IHT simply because B is able to establish that the painting is by a famous artist and worth £250,000. Accordingly IHTA 1984, s 10 provides that dispositions that are not intended to

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