Paragraph 9 F1

(1)

The debtor has not entered into a transaction with any person at an undervalue during the period between—

(a)

the start of the period of two years ending with the application date; and

(b)

the determination date.

(2)

For this purpose a debtor enters into a transaction with a person at an undervalue if—

(a)

he makes a gift to that person or he otherwise enters into a transaction with that person on terms that provide for him to receive no consideration;

(b)

he enters into a transaction with that person in consideration of marriage or the formation of a civil partnership; or

(c)

he enters into a transaction with that person for a consideration the value of which, in money or money's worth, is significantly less than the value, in money or money's worth, of the consideration provided by the individual.

Annotations

Textual amendments

F1: Sch. 4ZA inserted (24.2.2009 for certain purposes otherwise 6.4.2009) by Tribunals, Courts and Enforcement Act 2007 (c. 15), ss. 108(2), 148(5), Sch. 18; S.I. 2009/382, art. 2