settled property

settled property

for capital gains tax and inheritance tax purposes, settled property is property held on trust for persons in succession, or upon a contingency (e.g. the attainment by a beneficiary of a specified age) or where the income or capital is payable at the discretion of the trustees (or some other specified person). Not all property held in trust is settled property. For example, property held under a bare trust (that is, where the beneficiaries are absolutely entitled to the trust property as against the trustees and as a result must hold or transfer the property to the order of the beneficiaries). The definition employed by the tax legislation derives from (but is not identical to) that found in the Settled Land Act 1925.
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