Inheritance Tax Act 1984 section 48A

Commencement of settlement

Section 48A defines what is meant by the "commencement of a settlement" for the purposes of the Inheritance Tax Act 1984.

• The commencement of a settlement is the point in time when property first becomes comprised in it.
• This definition applies consistently throughout the entire Inheritance Tax Act 1984.
• The commencement date is significant because it establishes when property first becomes subject to the terms of the trust or settlement.
• This provision was introduced by Finance Act 2020, section 73(3).