Section 105

MEANING OF “SETTLEMENT” AND “BARE TRUST”

Related Commentary  Related HMRC Manuals

1(1)  In this Part “settlement”  means a trust that is not a bare trust.

1(2)  In this Part a “bare trust”  means a trust under which property is held by a person as trustee–

(a)for a person who is absolutely entitled as against the trustee, or who would be so entitled but for being a minor or other person under a disability, or

(b)for two or more persons who are or would be jointly so entitled,

and includes a case in which a person holds property as nominee for another.

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