Finance Act, 1984
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Amendment of section 2 (interpretation) of Principal Act. |
105.— Section 2 (1) of the Principal Act is hereby amended by the insertion, in the definition of “discretionary trust” after “property is held on trust” of— | |
“to accumulate the income or part of the income of the property, or any trust whereby, or by virtue or in consequence of which, property (other than property to which for the time being a person is beneficially entitled for an interest in possession) is held on trust”, | ||
and the said definition, as so amended, is set out in the Table to this section. | ||
TABLE | ||
“discretionary trust” means any trust 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 trust whereby, or by virtue or in consequence of which, property (other than property to which for the time being a person is beneficially entitled for an interest in possession) 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 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; |