Taxation of Chargeable Gains Act 1992 Schedule 4A paragraph 2

Meaning of "interest in settled property"

Section 2 defines what constitutes an "interest in settled property" for the purposes of Schedule 4A, covering both interests arising directly from a settlement and those arising from the exercise of trustees' discretionary powers.

• An "interest in settled property" means any interest created by or arising under a settlement
• This includes any right to enjoy a benefit that is directly created by or arises under a settlement
• It also covers benefits arising from the exercise of discretion or power by the trustees of a settlement
• Benefits arising from the exercise of discretion or power by any other person in relation to settled property are also included