For the purposes of the disposal conditions relating to land and chattels, the disposal of any property is an excluded transaction in relation to the chargeable person if it was a disposal of their whole interest in the property, except for any right expressly reserved by them over the property, either

by a transaction made at arm's length with a person not connected with them, FA04/Sch15/Para 10(1)(a)(i), or

by a transaction such as might be expected to be made at arm's length between persons not connected with each other, FA04/Sch15/Para 10(1)(a)(ii).

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