Modifications etc. (not altering text)
C1Pt. 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)
Textual Amendments
F1Pt. 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
Modifications etc. (not altering text)
C2Pt. 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)
Textual Amendments
F2Cross-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
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
F3Ss. 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)