Basic terms of trust law as applied to CGT: when single settlement
If you are considering whether a deed or will gave rise to one or more settlements, you should start by looking at the position at the date of the settlement or, in the case of a will trust, the date of death of the testator. You should resist any attempt by the trustees to start by analyzing the position at the present time, for example, after a life tenant has died or a beneficiary has reached a particular age. If there are two settlements now, and only one originally, then there must have been a disposal within TCGA92/S71, see CG37816. Lord Wilberforce makes this clear in the middle of page 390.