Income Tax Act 2007 section 467

Meaning of "settlor" etc.

Section 467 defines who counts as a "settlor" for income tax purposes and sets out the various ways in which a person can be treated as having made a settlement.

• A settlor is the person (or any of the persons) who made or is treated as having made a settlement, including by providing property directly or indirectly, or by undertaking to do so.
• A person can be treated as a settlor even after death — if property they owned (whether disposable property or their severable share as a joint tenant) passes into a settlement on their death, they are regarded as the settlor of that property.
• Where one person sets up a settlement under a reciprocal arrangement with another person, the other person (not the one who formally created it) is treated as the settlor.
• This definition does not apply to the anti-avoidance rules in Chapter 5 of Part 5 of ITTOIA 2005, which uses its own wider definition of "settlor".