Income Tax Act 2007 section 465

Overview of Chapter and interpretation

Section 465 introduces the chapter dealing with general provisions about settlements and trustees, and defines key terms used throughout the chapter.

• The chapter covers the meaning of settled property, the definition of a settlor, the treatment of trustees as a single distinct person, and rules on trustee residence
• Property is considered "derived from" other property if it originates directly or indirectly, wholly or partly, from that other property or from income generated by that other property
• The term "arrangements" is broadly defined to include any scheme, agreement, or understanding, regardless of whether it is legally enforceable
• Additional provisions address sub-fund elections under the Taxation of Chargeable Gains Act 1992 and references to settled property in regulations