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PART 5
Provisions Relating to Gifts and Inheritances
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Distributions from discretionary trusts.
[CATA 1976 s22]
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31.—Where a person becomes beneficially entitled in possession to any benefit—
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(a) under a discretionary trust, other than a discretionary trust referred to in paragraph (b), otherwise than for full consideration in money or money's worth paid by the person, that person is deemed to have taken a gift,
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(b) under a discretionary trust created—
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(i) by will at any time,
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(ii) by a disposition, where the date of the disposition is on or after 1 April 1975 and within 2 years prior to the death of the disponer, or
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(iii) by a disposition inter vivos and limited to come into operation on a death occurring before, on or after the passing of this Act,
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otherwise than for full consideration in money or money's worth paid by the person, that person is deemed to have taken an inheritance.
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