Income Tax Act 2007 section 468

Meaning of "disposable property"

Section 468 defines what counts as "disposable property" for the purpose of determining whether someone is a settlor of a settlement under section 467(4)(b)(i).

• Property is "disposable" if the person (S) could have left it to someone in their will
• Certain assumptions must be made when testing disposability: that S is an adult of full capacity, and that the property is situated in England and Wales
• If S is not domiciled in the United Kingdom, it is assumed they are domiciled in England and Wales for the purposes of this test
• Any power of appointment giving S the right to dispose of the property, and any statutory power to dispose of entailed interests by will, must be disregarded