1088. Settled property.

Where a chargeable transfer arises in relation to settled property1, the persons liable for inheritance tax are:

  1.  

    (1)     the trustees2 of the settlement3;

  2.  

    (2)     any person entitled (whether beneficially or not) to an interest in possession in the settled property4;

  3.  

    (3)     any person for whose benefit any of the settled property or income from it is applied at or after the time of the transfer