Section 423(1)

This section relates to transactions entered into at an undervalue; and a person enters into such a transaction with another person if— he makes a gift to the other person or he otherwise enters into a transaction with the other on terms that provide for him to receive no consideration; he enters into a transaction with the other in consideration of marriage or the formation of a civil partnership; or he enters into a transaction with the other 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 himself.

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Source: legislation.gov.uk · retrieved 2026-09-04