
Print Options
PrintThe Whole
Act
PrintThe Whole
Schedule
PrintThis
Cross Heading
only
Changes over time for: Cross Heading: Meaning of “settlement” and “bare trust”


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 01/01/2010.
Changes to legislation:
Finance Act 2003, Cross Heading: Meaning of “settlement” and “bare trust” is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
Meaning of “settlement” and “bare trust”U.K.
1(1)In this Part “settlement” means a trust that is not a bare trust.U.K.
(2)In this Part a “bare trust” means a trust under which property is held by a person as trustee—
(a)for a person who is absolutely entitled as against the trustee, or who would be so entitled but for being a minor or other person under a disability, or
(b)for two or more persons who are or would be jointly so entitled,
and includes a case in which a person holds property as nominee for another.
(3)In sub-paragraph (2)(a) and (b) the references to a person being absolutely entitled to property as against the trustee are references to a case where the person has the exclusive right, subject only to satisfying any outstanding charge, lien or other right of the trustee, to resort to the property for payment of duty, taxes, costs or other outgoings or to direct how the property is to be dealt with.
(4)In sub-paragraph (2) “minor”, in relation to Scotland, means a person under legal disability by reason of nonage.
Back to top