Commentary

I5.1105 Meaning of 'settlement'—general points

IHT, trusts and estates

I5.1105 Meaning of 'settlement'—general points

Division I5.11     Income tax and CGT for settlors

The settlements legislation

I5.1105 Meaning of 'settlement'—general points

Settled property

FA 2006 introduces for the first time a definition of settled property which applies to income tax generally for 2006/07 onwards and is described in I5.10031.

For capital gains tax (CGT) purposes, settled property means any property held in trust other than property held in trust for a person absolutely entitled to it as against the trustee, eg a beneficiary with an interest in possession2.

These definitions mean that not all settlements will contain settled property (for example a bare trust where beneficiaries are

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial