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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But in the more settled property market of today, if a prospective buyer wanted to know more about the antecedents of a property he has eyes on, what does he do?
The Revenue said: "The investigation into these 1,133 people is under way and is focusing on identifying undeclared tax liabilities by people who have transferred or settled property, assets or funds to trusts and other structures.
Appointed as official judges by caliphs, they settled property disputes, criminal cases, and other legal matters, but following their own understanding of Islamic law rather than any governmental legal code.
A 50 per cent reduction in value applies to: quoted voting shares in or securities of a company controlled by the transferor; any land or buildings, machinery or plant owned by the transferor and used mainly for business by a company controlled by the transferor or by a partnership; or certain settled property.
Although state courts, as well as the attorneys who argued before them, frequently articulated the view that stare decisis mandated adherence to rules that had generated settled property interests, such rhetoric seems inconsistent with other cases in which courts changed property rules, whether for utilitarian or instrumentalist reasons, to rationalize the common law, or in response to statutory changes.
The quest is to explain the types of cases in which judges seemed to be constrained by stare decisis in the interest of protecting settled property expectations, recognizing that in other cases they did not.
The modern debate about judicial takings, which can be related to the quest for an original understanding of stare decisis, asks whether state courts can effectively police their own boundaries with respect to the settled property expectations that legislatures are constitutionally bound to respect.
I argue that many state judges in the formative era appreciated at least the potential for judicial takings, and the evidence comes from the early development of the doctrine of stare decisis and its application to prior court decisions that the judges believed had settled property expectations.
To summarize, courts were willing to change property rules if they were first satisfied that the change would improve the law, usually in the sense that it would better reflect community practice, and if they were also satisfied that the change would not greatly disturb settled property expectations.
A related problem is identifying all of the cases in which the specific motivation to protect settled property expectations was a factor.
Once the place of sabotage and defiant disorders against a centripetal commonwealth, Wroth's estate is now the landscape of Jonson's idyll; a former location of confrontation has become an emblem of domestic order, security, and settled property.
These clerics settled property disputes and lawsuits, sold off unprofitable herds, managed church hostels, built monasteries, and paid poor relief.