000			01227cam a2200217 4500
001			ABS67024
008			030904n2003 000 0 eng u
035			_a(Sirsi) u123504
245		4	_aThe income settlements legislation
260			_c2003
490			_aFarm Tax Brief _v18(7) August/September 2003, 1-2(2)
520			_aSettlements have traditionally been used to keep family property within the family but "Dano Ltd v Earl Cadogan and others" ([2003] EWCA Civ 783, Abs66929) shows what confusions may arise when restrictive covenants apply to settled property. The concept is clear for capital gains tax and inheritance tax purposes. However, income tax legislation has a wider definition of the term settlement and the Inland Revenue are more likely to view it as a diproportionate return to a partner who has little direct involvement in a business. This situation is most likely to affect the agricultural industry where most farmers trade as sole traders or through partnerships.
590			_aABS
650			_aSETTLED PROPERTY
650			_aLEGISLATION
650			_aCAPITAL GAINS TAX
650			_aINCOME TAX
650			_aDANO LTD V EARL CADOGAN AND OTHERS
690			_aTAXATION-CASE LAW
942			_n0
999			_c73359 _d73359