Modifications etc. (not altering text)
C1 See also—1970(M) s.31(3)—appeals on application of ss.660to 685to go to Special Commissioners.1974 s.43—development gains accruing to trustees to be charged at basic plus additional rates.1988 s.339(6), (7)—treatment for corporation tax of covenanted donation to charity.1988 s.762—offshore income gains.1989 s.110—residence of trustees.
Valid from 06/04/2006
(1)For the purposes of the Tax Acts, unless the context otherwise requires,
(a)“settled property” means any property held in trust other than—
(i)property held by a person as nominee for another,
(ii)property held by a person as trustee for another person who is absolutely entitled as against the trustee, and
(iii)property held by a person as trustee for another person who would be absolutely entitled as against the trustee if he were not an infant or otherwise under a disability, and
(b)references, however expressed, to property comprised in a settlement are references to settled property.
(2)For the purposes of the Tax Acts, a reference to a person who is or would be absolutely entitled to property as against the trustee—
(a)means a person who has the exclusive right (subject to satisfying the right of the trustees to resort to the property for the payment of duty, taxes, costs or other outgoings) to direct how the property shall be dealt with, and
(b)includes two or more persons who are or would be jointly absolutely entitled as against the trustee.]
Textual Amendments
F1Ss. 685A-685G inserted (coming into force and with effect in accordance with Sch. 13 para. 1(2)-(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 13 para. 1(1)