For the purposes of inheritance tax1, 'settlement' means any disposition or dispositions of property, whether effected by instrument, by parol or by operation of law or partly in one way and partly in another2 whereby the property is for the time being:
(1) held in trust for persons in succession or for any person subject to a contingency3;
(2) held by trustees4 on trust to accumulate the whole or part of any income of the property or with power to make payments out of that income at the discretion of the trustees or some other person, with or without
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