A chargeable transfer is defined as a transfer of value made by an individual which is not an exempt transfer (see Division I3.3)1.
A transfer of value is where there is a reduction in the value of an estate as a result of a person, 'the transferor' making a disposition (see I3.114)2.
For the details of the meaning of 'estate', see I3.211.
The concepts of an estate
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