43 Settlement and related expressions
Inheritance Tax Act 1984 (1984 c 51) | Legislation

Part III Settled Property

Chapter I
Preliminary

43  Settlement and related expressions

(1)     The following provisions of this section apply for determining what is to be taken for the purposes of this Act to be a settlement, and what property is, accordingly, referred to as property comprised in a settlement or as settled property.

(2)     “Settlement” means any disposition or dispositions of property, whether effected by instrument, by parol or by operation of law, or partly in one way and partly in another, whereby the property is for the time being—

(a)     held in trust for persons in succession or for any person subject to a contingency, or

(b)     held by trustees on trust to accumulate the whole or part of any income of the property

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