Section 469 — Income Tax Act 2007: Person ceasing to be a settlor

Person ceasing to be a settlor 469 1 A person (“S”) who is a settlor in relation to a settlement ceases to be so when the following condition is met.

2 The condition is that—

a no property of which S is the settlor is comprised in the settlement, b S has not undertaken to provide property (directly or indirectly) for the purposes of the settlement in the future, and c S has not made reciprocal arrangements with another person for that other person to enter into the settlement in the future.