The settlements legislation
I5.1105 Meaning of 'settlement'—general points
Settled property
FA 2006 introduces for the first time a definition of settled property which applies to income tax generally for 2006/07 onwards and is described in I5.10031.
For capital gains tax (CGT) purposes, settled property means any property held in trust other than property held in trust for a person absolutely entitled to it as against the trustee, eg a beneficiary with an interest in possession2.
These definitions mean that not all settlements will contain settled property (for example a bare trust where beneficiaries are absolutely entitled to all the income and capital).
Where a chargeable event gain arises on a life policy held in a bare
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