In this Act, unless the context otherwise requires, [F257 “settled property” means any property held in trust other than property to which section 60 applies (and references, however expressed, to property comprised in a settlement are references to settled property) F257] .
Definitions used in section 68 3
- property
(6) Sub-paragraphs (4) and (5) above apply for the purposes of paragraph (b) of sub-paragraph (1) above as they apply for the purposes of paragraph (a), reading “income” for “property".
Defined in Sch.5 para.2(6) · see it in the full Act(a) the reference to “assets” were a reference to “property”, and
Defined in Sch.4ZA para.22(2) · see it in the full Act- settlement
(a) “settlement” has the same meaning as in section 620 of ITTOIA 2005, and
Defined in s.286(3ZA) · see it in the full Act“settlement” has the meaning given by section 620 of ITTOIA 2005, and
Defined in s.97(7) · see it in the full Act- settled property
“settled property” and references (however expressed) to property comprised in a settlement shall be construed accordingly .
Defined in s.97(7) · see it in the full Act
Cases considering section 68 3
Coombes v Revenue & Customs
Section 68 supplied the relevant meaning of settled property: property held in trust other than property to which section 60 applied. The land owned by Rose Lodge was not property held on the settlement trusts and therefore did not satisfy that description. (see paras [23]–[24], [28])
Trennery (Respondent) v. West (Her Majesty's Inspector of Taxes (Appellant) and four other actions
Used to define settled property broadly as property held in trust other than property held by a nominee or bare trustee, and hence to explain the capital gains tax meaning of a settlement.
HM Revenue & Customs v Smallwood
Section 68 supported the conclusion that the trust property was not settled property for capital gains tax purposes because the unit holders were collectively absolutely entitled to it. (see para [52])
What each judgment says about section 68 is in the case-law panel in the full Act.
Amendments and notes
1 notes from legislation.gov.uk
Amendments
- F257Words in s. 68 substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 1(1)(3)