SCHEDULE 18Trusts
PART 6Interpretation
Meaning of “bare trust”
I1 19
In this schedule, a “bare trust”—
a
is a trust under which the property is held by a person as trustee—
i
for a person who is absolutely entitled as against the trustee, or who would be so entitled but for being under a legal disability by reason of non-age or under another disability, or
ii
for two or more persons who are or would be jointly so entitled, and
b
includes a case in which a person holds property as a nominee for another.
Meaning of “absolutely entitled”
I2 20
The references in paragraph 19 to a person being absolutely entitled to property as against the trustee are references to a case where the person has the exclusive right, subject only to satisfying any outstanding charge, lien or other right of the trustee—
a
to resort to the property for payment of duty, taxes, costs or other outgoings, or
b
to direct how the property is to be dealt with.
Meaning of “settlement”
I3 21
In this schedule, “ settlement ” means a trust that is not a bare trust.