Gifts: Inheritance Tax: gifts to settlor-interested settlements: definitions relating to property
“Property which originates from a settlor”: this is
- property which that settlor has “provided directly or indirectly” for the purposes of the settlement, and
- property which wholly or partly “represents that property” or any part of it.
“Provided directly or indirectly”: property which a settlor has provided directly or indirectly
- includes property which has been provided directly or indirectly by another person in pursuance of reciprocal “arrangements” (see CG67068A) with that settlor, but
- does not include property which that settlor has provided directly or indirectly in pursuance of reciprocal arrangements with another person.
“Represents that property”: this includes property which represents accumulated income from that other property.
“Derived property”: property is “derived property” in relation to other property if it is any of the following -
- income from that other property
property directly or indirectly representing
- proceeds of that other property, or
- proceeds of income from that other property
income from property directly or indirectly representing
- proceeds from that other property, or
- proceeds of income from that other property.