PART I GENERAL
Dispositions that are not transfers of value F2(and omissions that do not give rise to deemed dispositions)
10 Dispositions not intended to confer gratuitous benefit.
1
A disposition is not a transfer of value if it is shown that it was not intented, 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 F1unquoted 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.
Words in s. 10 cross-heading inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 94(2)