Re Horlick’s Settlement Trusts, Colledge v Horlick By a settlement made in consequence of a divorce, the settlor covenanted that he or his personal representatives would pay to trustees in trust to pay to his divorced wife annually “such sum as after deduction of income tax at the standard rate for the time being in force and of every other tax on income for the time being in force shall leave a clear sum of £4,000.â€