A transfer of value is any ‘disposition’ made by a person (‘the transferor’) as a result of which the value of his estate immediately after the disposition is less than it would be but for the disposition (see ¶16030). The word ‘disposition’ is not defined in the legislation, though it is stated that a disposition includes a disposition effected by ‘associated operations’ (see ¶16140). However, the word clearly has a very wide meaning and can include loans on beneficial terms, dispositions by omission and failure to exercise a right. All of these are discussed below.

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