492Cases where settlor has made more than one settlementU.K.
(1)The application of section 491 in relation to the trustees of a settlement (“the relevant settlement”) for a tax year is modified in accordance with subsection (2) if the settlor in relation to the relevant settlement has made one or more other current settlements.
(2)References to £1,000 are to be read as references to—
(a)£200, or
(b)if greater, the settlor's threshold amount.
(3)The settlor's threshold amount is the amount calculated by dividing £1,000 by the number of current settlements (including the relevant settlement) made by the settlor.
(4)If there is more than one settlor in relation to the relevant settlement—
(a)calculate the threshold amount of each of them, and
(b)use the lowest of those threshold amounts for the purposes of subsection (2)(b).
(5)A settlement is current if it is in existence at a time during the tax year.