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This guidance note discusses transfers which result in a diminution in the transferor’s estate but which are not transfers of value for IHT purposes. There are some transfers specifically excluded from the legislation. These include dispositions not intended to confer gratuitous benefit, those for family maintenance, those allowable for income tax or conferring benefits under pension schemes or those made by close companies for the benefit of employees. Other dispositions which are not transfers of value include the waiver of remuneration or dividends, the grant of tenancies of agricultural property and changes in the estate of a deceased individual. Each of these dispositions is covered in detail below.