554. General meaning of 'settlement' and 'settled property'.

In the Income Tax Acts1, except so far as the context otherwise requires, 'settled property' means any property held in trust other than: (1) property held by a person as nominee for another; (2) property held by a person as trustee for another person who is absolutely entitled to the property as against the trustee; and (3) property held by a person as trustee for another person who would be so entitled if that other person were not an infant or otherwise lacking legal capacity2. A person is absolutely entitled to property as against a trustee if the person