The method of calculation of the value transferred by associated operations is found in IHTA 1984, s. 268(3). The resulting transfer of value is treated as made at the time of the last of the operations.

Example 1

In the second example in ¶608-500, Linda's transfer of value will be treated as made at the date of the sale of the second candlestick. The measure is the difference between the value of a complete set at that date less the total consideration received from Mary.

Where any of the earlier operations constituted a transfer of value by the same transferor, the value transferred thereby is deducted from the value transferred by all the operations taken together.

Example 2

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