Part 5Miscellaneous income
Chapter 5Settlements: amounts treated as income of settlor F2or family
Settlements by two or more settlors
645Property or income originating from settlor
1
References in F1sections 628A and 644 to property originating from a settlor are references to—
a
property which the settlor has provided directly or indirectly for the purposes of the settlement,
b
property representing property so provided, and
c
so much of any property which represents both property so provided and other property as, on a just and reasonable apportionment, represents the property so provided.
2
References in F3 sections 627 and 644 to income originating from a settlor are references to—
a
income from property originating from the settlor, and
b
income provided directly or indirectly by the settlor.
3
In this section references to property or income which a settlor has provided directly or indirectly—
a
include references to property or income which has been provided directly or indirectly by another person under reciprocal arrangements with the settlor, but
b
do not include references to property or income which the settlor has provided directly or indirectly under reciprocal arrangements with another person.
4
In this section references to property which represents other property include references to property which represents accumulated income from the other property.
Words in Pt. 5 Ch. 5 heading inserted (with effect in accordance with Sch. 10 para. 21 of the amending Act) by Finance Act 2018 (c. 3), Sch. 10 para. 3(2)