CG38470 - Who are the defined persons - TCGA92/S86?

TCGA92/Sch5/para2(3)

The defined persons are:

• the settlor
• the settlor’s spouse or civil partner
• any child of the settlor or of the settlor’s spouse or civil partner
• the spouse or civil partner of any such child
• any grandchild of the settlor or of the settlor’s spouse or civil partner
• the spouse or civil partner of any such grandchild
• a company controlled by a person or persons listed above
• a company associated with such a company.

Child includes stepchild.

It is possible for the settlor to be excluded from the settlement and still be liable under TCGA92/S86 because other defined persons may benefit.