[F1Ordinary trust assetsU.K.
Textual Amendments
F1Sch. 4B inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(2), Sch. 25
7(1)The following are “ordinary trust assets” for the purposes of this Schedule—U.K.
(a)shares or securities;
(b)tangible property, whether movable or immovable, or a lease of such property;
(c)property not within paragraph (a) or (b) which is used for the purposes of a trade, profession or vocation carried on—
(i)by the trustees, or
(ii)by a beneficiary who has an interest in possession in the settled property;
(d)any right in or over, or any interest in, property of a description within paragraph (b) or (c).
(2)In sub-paragraph (1)(a) “securities” has the same meaning as in section 132.]