575. Settlements by two or more settlors.

In the case of a settlement1 where there is more than one settlor2, the statutory provisions relating to the tax liability of the settlor3 have effect in relation to each settlor as if he were the only settlor as follows4:

  1.  

    (1)     references to the property comprised in a settlement include only property originating from that settlor5, and references to income arising under the settlement include only income originating from that settlor