Finance Act, 1977
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PART IV Wealth Tax | ||
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Amendment of section 1 (interpretation) of Wealth Tax Act, 1975. |
49.— Section 1 of the Wealth Tax Act, 1975 , is hereby amended by the substitution of the following definition for the definition of “discretionary trust” in subsection (1)— | |
“‘discretionary trust’ means any disposition whereby, or by virtue or in consequence of which, property is held on trust to accumulate the income or part of the income of the property, or any disposition whereby, or by virtue or in consequence of which, property is held on trust to apply, or with a power to apply, the income or capital or part of the income or capital of the property to or for the benefit of any person or persons or of any one or more of a number or of a class of persons whether at the discretion of trustees or any other person and notwithstanding that there may be a power to accumulate all or any part of the income or that the income or capital or part of the income or capital of the property is limited to any person for any period of time other than the life of such person and for the purposes of this definition ‘disposition’ includes any disposition whether by deed or will and any covenant, agreement or arrnagement whether effected with or without writing;”. |