ICTA88/S685A, came into force on 6 April 2006 but it applies to
settlements whenever they were created. ICTA88/S685A was rewritten
as ITA/S466.
ITA/S466 provides a definition of settled property for
income tax purposes which mirrors the CGT definition in TCGA92/S68.
Settled property is any property held in trust by a person unless
that person holds it:
The definition in ITA /S466 applies for general income tax purposes (see CG33230+ for the corresponding CGT application). It does not apply in respect of the ‘settlements legislation’, which prevents trusts and settlements being used to gain tax advantages (see TSEM4000+).
