SCHEDULES
F1SCHEDULE 4ADisposal of interest in settled property: deemed disposal of underlying assets
Meaning of “interest in settled property”
2
(1)
For the purposes of this Schedule an “interest in settled property” means any interest created by or arising under a settlement.
(2)
This includes any right to, or in connection with, the enjoyment of a benefit—
(a)
created by or arising directly under a settlement, or
(b)
arising as a result of the exercise of a discretion or power—
(i)
by the trustees of a settlement, or
(ii)
by any person in relation to settled property.