Regulation 3 Excepted settlement

(1)

An excepted settlement means a settlement in which no qualifying interest in possession subsists on an occasion of a chargeable event on or after 6th April 2002 in a case where—

(a)

cash is the only property comprised in the settlement;

(b)

after making the settlement, the settlor provided no further property which became comprised in the settlement;

(c)

the trustees of the settlement are resident in the United Kingdom throughout the existence of the settlement;

(d)

the gross value of the settled property at the time of the chargeable event does not exceed £1,000; and

(e)

there are no related settlements.

(2)

For the purposes of paragraph (1) trustees of a settlement shall be regarded as resident in the United Kingdom if the general administration of the settlement is ordinarily carried on in the United Kingdom and the trustees or a majority of them (and, where there is more than one class of trustees, a majority of each class) are for the time being resident in the United Kingdom.