A non-retrospective variation may be made purely voluntarily with no valuable consideration received. For example if

a deed of variation or disclaimer is voluntarily executed outside the period of 2 years from the date of death

or

if a deed of variation is voluntarily executed within the 2 year period but no valid election under TCGA92/S62(7) is made

or

the beneficiary gifts his or her interest in the estate to some other person

then there will be no valuable consideration.

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