Section 620 | Meaning of “settlement” and “settlor”

(1)In this Chapter—

“settlement” includes any disposition, trust, covenant, agreement, arrangement or transfer of assets (except that it does not include a charitable loan arrangement), and

“settlor”, in relation to a settlement, means any person by whom the settlement was made.

(2)A person is treated for the purposes of this Chapter as having made a settlement if the person has made or entered into the settlement directly or indirectly.

(3)A person is, in particular, treated as having made a settlement if the person—

(a)has provided funds directly or indirectly for the purpose of the settlement,

(b)has undertaken to provide funds directly or indirectly for the purpose of the settlement, or

(c)has made a reciprocal arrangement with another person for the other person to make or enter into the settlement.

(4)This Chapter applies to settlements wherever made.

(5)In this section—^F1F2F3

“charitable loan arrangement” means any arrangement so far as it consists of a loan of money made by an individual to a charity either—

(a)for no consideration, or

(b)for a consideration which consists only of interest, and

“charity” includes .

(a)the Trustees of the National Heritage Memorial Fund, and

(b)the Historic Buildings and Monuments Commission for England...

(c)Repealed