C4PART XV SETTLEMENTS
F60C1C2Chapter IA Liability of settlor
Pt. 15 Ch. 1A inserted (in place of ss. 660-676, 683-685) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 1
Pt. 15 Ch. 1A excluded (with effect in accordance with s. 44(6) of the affecting Act) by Finance Act 2000 (c. 17), s. 44(1)
Pt. 15 Ch. 1A modified (with effect in accordance with s. 45(3) of the modifying Act) by Finance Act 2000 (c. 17), s. 45(1)
Main provisions
660A Income arising under settlement where settlor retains an interest.
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
660B Payments to unmarried minor children of settlor.
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
660C Nature of charge on settlor.
1
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F41A
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F64
F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
660D Adjustments between settlor and trustees, &c.
F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Supplementary provisions
660E Application to settlements by two or more settlors.
F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
660F Power to obtain information.
F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
660G Meaning of “settlement” and related expressions.
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER I DISPOSITIONS FOR SHORT PERIODS
F60660 Dispositions for period which cannot exceed six years.
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F60661 Adjustments between disponor and trustees.
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F60662 Application of Chapter I to dispositions by two or more disponors.
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CHAPTER II SETTLEMENTS ON CHILDREN
F60663 The general rule.
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F60664 Accumulation settlements.
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F60665 Meaning of “irrevocable”.
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F60666 Interest paid by trustees.
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F60667 Adjustments between disponor and trustees.
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F60668 Application of Chapter II to settlements by two or more settlors.
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F60669 Power to obtain information under Chapter II.
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F60670 Interpretation of Chapter II.
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F19CHAPTER 1B PROVISIONS AS TO CAPITAL SUMS PAID TO SETTLOR
Pt. 15 Ch. 1B heading inserted (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 8
F60671 Revocable settlements allowing release of obligation.
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F60672 Revocable settlements allowing reversion of property.
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F60673 Settlements where settlor retains an interest.
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F60674 Settlements: discretionary power for benefit of settlor etc.
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F60674AF62 Other settlements where settlor retains interest in settled property.
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F60675 Provisions supplementary to sections 671 to 674.
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F60676 Disallowance of deduction from total income of certain sums paid by settlor.
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677 Sums paid to settlor otherwise than as income.
F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
678 Capital sums paid by body connected with settlement.
F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
679 Application of Chapter III to settlements by two or more settlors.
F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
680 Power to obtain information for purposes of Chapter III.
F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
681 Interpretation of Chapter III.
F16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
682 Ascertainment of undistributed income.
F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
682AF20 Supplementary provisions.
F18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F51C3CHAPTER 1C LIABILITY OF TRUSTEES
Pt. 15 Ch. 1C heading substituted for heading before s. 686 (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 12
Pt. 15 Ch. 1C modified (6.4.2005 with effect in accordance with s. 883(1) of the modifying Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 457(1)(3) (with Sch. 2)
F24. . .
Ss. 683-685 repealed (with effect in accordance with Sch. 29 Pt. 8(8) Note of the repealing Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. 8(8)
683 Settlements made after 6th April 1965.
F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
684 Settlements made before 7th April 1965 but after 9th April 1946.
F22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
685 Provisions supplementary to sections 683 and 684.
F23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F44. . .
Cross-heading before s. 686 replaced by Pt. 15 Ch. 1C heading (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 12
685AF45Meaning of “settled property”
F25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
685BMeaning of “settlor”
F26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
685CTransfer between settlements: identification of settlor
F27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
685DVariation of will or intestacy, etc: identification of settlor
F28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
685ETrustees of settlements
F29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
685FApplication of section 739 and 740
F30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
685GSub-funds
F31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
686F32Accumulation and discretionary trusts: special rates of tax.
F33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
686AF46 Receipts to be treated as income to which section 686 applies
F34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
686BF47Share incentive plans: distributions in respect of unappropriated shares
F35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
686CInterpretation of section 686B
F36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
686DF48Special trust rates not to apply to first slice of trust income
F37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
686EF49Application of section 686D where settlor has made more than one settlement
F38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
687 Payments under discretionary trusts.
F39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
687AF50F40Discretionary payments by trustees to companies.
F41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
688 Schemes for employees and directors to acquire shares.
F42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
689 Recovery from trustees of discretionary trusts of higher rate tax due from beneficiaries.
F43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F61Chapter ID Trust management expenses
Pt. 15 Ch. 1D (ss. 689A, 689B) inserted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by Finance Act 1996 (c. 8), Sch. 6 para. 16
689A Disregard of expenses where beneficiary non-resident.
F52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
689B Order in which expenses to be set against income.
F53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER V MAINTENANCE FUNDS FOR HISTORIC BUILDINGS
690 Schedule 4 directions.
F54. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
691 Certain income not to be income of settlor etc.
F55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
692 Reimbursement of settlor.
F56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
693 Severance of settled property for certain purposes.
F57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
694F58Trustees chargeable to income tax in certain cases at higher rate reduced by rate applicable to trusts
F59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pt. 15 modified (with effect in accordance with s. 105(1) of the modifying Act) by Finance Act 1996 (c. 8), Sch. 13 para. 6(1) (with Sch. 13 para. 16, Sch. 15)