21 Normal expenditure out of income
Inheritance Tax Act 1984 (1984 c 51) | Legislation

21  Normal expenditure out of income

(1)     A transfer of value is an exempt transfer if, or to the extent that, it is shown—

(a)     that it was made as part of the normal expenditure of the transferor, and

(b)     that (taking one year with another) it was made out of his income, and

(c)     that, after allowing for all transfers of value forming part

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