645Property or income originating from settlorU.K.
(1)References in [F1sections 628A and] 644 to property originating from a settlor are references to—
(a)property which the settlor has provided directly or indirectly for the purposes of the settlement,
(b)property representing property so provided, and
(c)so much of any property which represents both property so provided and other property as, on a just and reasonable apportionment, represents the property so provided.
(2)References in [F2 sections 627 and 644 ] to income originating from a settlor are references to—
(a)income from property originating from the settlor, and
(b)income provided directly or indirectly by the settlor.
(3)In this section references to property or income which a settlor has provided directly or indirectly—
(a)include references to property or income which has been provided directly or indirectly by another person under reciprocal arrangements with the settlor, but
(b)do not include references to property or income which the settlor has provided directly or indirectly under reciprocal arrangements with another person.
(4)In this section references to property which represents other property include references to property which represents accumulated income from the other property.
Textual Amendments
F1Words in s. 645(1) substituted (16.11.2017) (with effect in accordance with Sch. 8 para. 39 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 8 para. 26
F2Words in s. 645(2) substituted (with effect in accordance with s. 12(4) of the amending Act) by Finance Act 2012 (c. 14), s. 12(3)