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Chapter TSEM4105

Document Cited authorities 1 Cited in Related
Vincent
Published date02 May 2016
Record NumberTSEM4105
CourtHM Revenue & Customs
IssuerHM Revenue & Customs

Settlement includes any disposition, trust, covenant, arrangement or transfer of assets. Settlement may include a series of transactions which taken together are regarded as an arrangement. The courts have limited the scope of when an arrangement is classed as a settlement to where there is some element of bounty, see CIR v Plummer ([1979] STC 793 or 54 TC 1).

Arrangement

The expression ‘settlement’ includes any arrangement. ‘Arrangement’ covers a wide range of transactions or series of transactions. It can be taken to mean not only an arrangement embodied in a deed, but also an arrangement where there are associated transactions only some of which may be expressed in a deed or deeds. It can include a single transaction or a series of associated transactions where there is no formal deed at all.

It follows that it is necessary to consider any series of transactions globally. They could ultimately lead to a transfer of income, or of assets upon which income arises, from a settlor, who may or may not be named or identified in the deed or other documents. They could go to another...

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