TTM12060 - Tonnage Tax Groups: Control

Meaning of 'settlement' and 'settlor'

‘Settlement’ includes any disposition, trust, covenant, agreement, arrangement or transfer of assets (paragraph 144(3) Schedule 22 FA 2000 and S660G(1) ICTA 1988).

‘Settlor’ in relation to a settlement, means any person by whom the settlement was made (paragraph 144(3) Schedule 22 FA 2000 and S660G(1) ICTA 1988).

A person shall be deemed to have made a settlement if:

• he has made or entered into the settlement directly or indirectly, or
• he has provided or undertaken to provide funds directly or indirectly for the purposes of the settlement, or
• he has made with any other person a reciprocal arrangement for that other person to make or enter into the settlement.

References