[F12(1)For the purposes of this Schedule an “interest in settled property” means any interest created by or arising under a settlement.U.K.
(2)This includes any right to, or in connection with, the enjoyment of a benefit—
(a)created by or arising directly under a settlement, or
(b)arising as a result of the exercise of a discretion or power—
(i)by the trustees of a settlement, or
(ii)by any person in relation to settled property.]
Textual Amendments
F1Sch. 4A inserted (with application in accordance with s. 91(3) of the amending Act) by Finance Act 2000 (c. 17), s. 91(2), Sch. 24