Part 5

Miscellaneous income
Chapter 5

Settlements: amounts treated as income of settlor or family

Settlements by two or more settlors

Application to settlements by two or more settlors
644
1
In the case of a settlement where there is more than one settlor, this Chapter has effect in relation to each settlor as if that settlor were the only settlor.
2
This works as follows.
3
In this Chapter, in relation to a settlor—
a
references to the property comprised in a settlement include only property originating from the settlor, and
b
references to income arising under the settlement include only income originating from the settlor.
4
For the purposes of sections 629, 631 and 632 only the following are taken into account in relation to a child of the settlor—
a
income originating from the settlor, and
b
in a case in which section 631 applies, payments which under that section (as adapted by subsection (5) below) are treated as payments of income.
5
In applying section 631 to a settlor—
a
the reference to income arising under the settlement includes only income originating from the settlor, and
b
the reference to any payment made in connection with the settlement includes only a payment made out of property originating from the settlor or income originating from the settlor.
6
See section 645 for the meaning of references in this section to property or income originating from a settlor.
Words in Pt. 5 Ch. 5 heading inserted (with effect in accordance with Sch. 10 para. 21 of the amending Act) by Finance Act 2018 (c. 3), Sch. 10 para. 3(2)