Related Commentary  Related HMRC Manuals

32(1)  Where there has been a conditionally exempt transfer of any property, tax shall be charged under this section on the first occurrence after the transfer (or, if the transfer was a potentially exempt transfer, after the death of the transferor) of an event which under this section is a chargeable event with respect to the property.

32(2)  If the Treasury are satisfied that at any time an undertaking given with respect to the property under section 30 above or subsection (5AA) below has not been observed in a material respect, the failure to observe the undertaking is a chargeable event with respect to the property.

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