Related Commentary  Related HMRC Manuals

27(1)  Subject to subsection 1A below, a transfer of value is an exempt transfer to the extent that the value transferred by it is attributable to property which by virtue of the transfer becomes comprised in a settlement and in respect of which–

(a)a direction under paragraph 1 of Schedule 4 to this Act has effect at the time of the transfer, or

(b)such a direction is given after the time of the transfer.

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