# Inheritance Tax Act 1984, Section 10: Dispositions not intended to confer gratuitous benefit.

Extent: E+W+S+N.I.

(1) A disposition is not a transfer of value if it is shown that it was not intended, and was not made in a transaction intended, to confer any gratuitous benefit on any person and either—
(a) that it was made in a transaction at arm’s length between persons not connected with each other, or
(b) that it was such as might be expected to be made in a transaction at arm’s length between persons not connected with each other.
(2) Subsection (1) above shall not apply to a sale of unquoted shares or unquoted debentures unless it is shown that the sale was at a price freely negotiated at the time of the sale or at a price such as might be expected to have been freely negotiated at the time of the sale.
(3) In this section—
“disposition” includes anything treated as a disposition by virtue of section 3(3) above;
“transaction” includes a series of transactions and any associated operations.

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Source: https://www.legislation.gov.uk/ukpga/1984/51/section/10 (the official version)
Page: https://openlegislation.uk/inheritance-tax-act-1984/section-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.