Part 1 Settlors, Trustees and Settlements
Finance Act 2006 (2006 c 25) | Legislation

SCHEDULE 12 Settlements: Amendment of TCGA 1992 etc

Section 88

Part 1 Settlors, Trustees and Settlements

Basic trust concepts

1

(1)     In section 68 of TCGA 1992 for the definition of “settled property†substitute ““settled property†means any property held in trust other than property to which section 60 applies (and references, however expressed, to property comprised in a settlement are references to settled property).â€

(2)     After section 68 of TCGA 1992 insert—

“68A Meaning of “settlorâ€

(1)     In this Act, unless the context otherwise requires—

(a)     “settlor†in relation to a settlement means the person, or any of the persons, who has made, or is treated for the purposes of this Act as having made, the settlement, and

(b)     a person is a settlor of property which—

(i)     is settled property by reason of his having made the settlement (or by reason of an event which causes him to be treated under this Act as having made the settlement), or

(ii)     derives from property to which sub-paragraph (i) applies.

(2)     A person is treated for the purposes of this Act as having made a settlement if—

(a)     he has made or entered into the settlement, directly

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