Related Commentary  Related CasesRelated HMRC Manuals


ITTOIA 2005 amends s. 21(3), with effect from 6 April 2005: see the History notes for details.

21(1)  A transfer of value is an exempt transfer if, or to the extent that, it is shown–

(a)that it was made as part of the normal expenditure of the transferor, and

(b)that (taking one year with another) it was made out of his income, and

(c)that, after allowing for all transfers of value forming part of his normal expenditure, the transferor was left with sufficient income to maintain his usual standard of living.

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