settled property

settled property
for capital gains tax and inheritance tax purposes, property is property held on trust for persons in succession, or upon a contingency (e.g. the attainment by a beneficiary of a specified age) or where the income or capital is payable at the discretion of the trustees (or some other specified person). Not all property held in trust is settled property. For example, property held under a bare trust (that is, where the beneficiaries are absolutely entitled to the trust property as against the trustees and as a result must hold or transfer the property to the order of the beneficiaries). The definition employed by the tax legislation derives from (but is not identical to) that found in the Settled Land Act 1925.

Collins dictionary of law. . 2001.

Игры ⚽ Поможем решить контрольную работу

Look at other dictionaries:

  • settled property — Property that is included in an interest in possession trust. A person entitled to benefit from the settled property is known as the life tenant. When the estate of the life tenant is assessed for inheritance tax, the value of the settled… …   Accounting dictionary

  • settled property — /ˌset(ə)ld prɒpəti/ noun property which is held in trust …   Dictionary of banking and finance

  • Property — • The person who enjoys the full right to dispose of it insofar as is not forbidden by law Catholic Encyclopedia. Kevin Knight. 2006. Property     Property      …   Catholic encyclopedia

  • Property — is any physical or virtual entity that is owned by an individual. An owner of property has the right to consume, sell, mortgage, transfer and exchange his or her property.cite web|url=http://www.businessdictionary.com/definition/property.html|titl… …   Wikipedia

  • Property and Environment Research Center — Motto Preserving Environmental Quality Through Markets Formation 1982 Headquarters Bozeman, Montana Executive Director Terry L. Anderson Website …   Wikipedia

  • property law — Introduction       principles, policies, and rules by which disputes over property are to be resolved and by which property transactions may be structured. What distinguishes property law from other kinds of law is that property law deals with… …   Universalium

  • Settled Land Acts — A settlement is a conveyancing device used by a property owner who wants to ensure that future generations of his family are provided for.Two main types of settlement* The Trust for sale – under this device the property which can be real or… …   Wikipedia

  • Israeli land and property laws — Land and property laws in Israel provide a legal framework which governs land and property issues in Israel. At its establishment, Israel continued to apply the pre existing Ottoman and British land law. Over time, these laws were amended or… …   Wikipedia

  • Land and Property Laws in Israel — refers to the legal framework governing land and property issues in Israel. Following its establishment, Israel designed a system of law that legitimized both a continuation and a consolidation of the nationalisation of land and property, a… …   Wikipedia

  • Church Property —     Property Ecclesiastical     † Catholic Encyclopedia ► Property Ecclesiastical     Abstract Right of Ownership     That the Church has the right to acquire and possess temporal goods is a proposition which may now probably be considered an… …   Catholic encyclopedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”