(1)For the purposes of this section and sections 77 and 78 a person is a settlor in relation to a settlement if the settled property consists of or includes property originating from him.
(2)In this section and sections 77 and 78—
(a)references to settled property (and to property comprised in a settlement), in relation to any settlor, are references only to property originating from that settlor, and
(b)references to income arising under a settlement, in relation to any settlor, are references only to income originating from that settlor.
(3)References in this section to property originating from a settlor are references to—
(a)property which that settlor has provided directly or indirectly for the purposes of the settlement,
(b)property representing that property, and
(c)so much of any property which represents both property so provided and other property as, on a just apportionment, represents the property so provided.
(4)References in this section to income originating from a settlor are references to—
(a)income from property originating from that settlor, and
(b)income provided directly or indirectly by that settlor.
(5)In subsections (3) and (4) above—
(a)references to property or income which a settlor has provided directly or indirectly include references to property or income which has been provided directly or indirectly by another person in pursuance of reciprocal arrangements with that settlor, but do not include references to property or income which that settlor has provided directly or indirectly in pursuance of reciprocal arrangements with another person, and
(b)references to property which represents other property include references to property which represents accumulated income from that other property.
(6)An inspector may by notice require any person who is or has been a trustee of, a beneficiary under, or a settlor in relation to, a settlement to give him within such time as he may direct, not being less than 28 days, such particulars as he thinks necessary for the purposes of this section and sections 77 and 78.
(7)The reference in section 77(1)(a) to gains accruing to trustees from the disposal of settled property includes a reference to gains treated as accruing to them under section 13 and the reference in section 77(1)(b) to deductions in respect of disposals of the settled property includes a reference to deductions on account of losses treated under section 13 as accruing to the trustees.
(8)Where the trustees of a settlement have elected that section 691(2) of the Taxes Act (certain income of maintenance funds for historic buildings not to be income of settlor etc.) shall have effect in the case of any settlement or part of a settlement in relation to a year of assessment, sections 77 and 78 and subsections (1) to (7) above shall not apply in relation to the settlement or part for the year.