A transfer of value arising by virtue of section 74A is to be taken to be a transfer which is not a potentially exempt transfer.
For the purposes of section 74A—
when determining the value transferred by a transfer of value arising by virtue of that section, no account is to be taken of section 3(2),
nothing in section 10(1) applies to prevent such a transfer, and
nothing in sections 102 to 102C of the Finance Act 1986 applies in relation to such a transfer.
"Relevant related transfer" means—
where the arrangements consist of a series of operations, any transfer of value constituted by one or more of those operations which occur before or at the same time as the current transfer, other than a transfer of value arising by virtue of section 74A, and
where the arrangements consist of a single operation, any transfer of value which arises from that operation, other than a transfer of value arising by virtue of section 74A.
Section 268(3) does not apply to a transfer of value arising by virtue of section 74A.
Where—
a transfer of value has arisen by virtue of section 74A,
in the course of the arrangements the individual acquires an interest in possession in settled property, and
section 5(1B) applies to the interest in possession so that it forms part of the individual's estate,
this Act has effect as if that transfer of value had never arisen.