Related Commentary  Related HMRC Manuals

29(1)  If or to the extent that a transfer of value is a disposition whereby the use of money or other property is allowed by one person to another (“the borrower” ), the preceding provisions of this Chapter shall apply to it with the following modifications.

29(2)  For the purposes of section 18 the borrower’s estate shall be treated as increased by an amount equal to the value transferred; and section 18(3) shall not apply.

29(3)  For the purposes of sections 20 and 22 the transfer of value shall be treated as made by outright gift.

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