Inheritance Tax Act 1984 section 60

Commencement of settlement

Section 60 defines what is meant by the "commencement of a settlement" for the purposes of the inheritance tax rules on settled property.

• The "commencement of a settlement" means the point in time when property first becomes part of the settlement.
• This definition applies throughout the chapter dealing with settled property and inheritance tax.
• The relevant moment is when property actually enters the settlement, not when the settlement deed is executed or signed.
• This timing is important because several inheritance tax charges and reliefs depend on how long property has been held within a settlement, measured from its commencement.