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(1)In paragraph 18 of Schedule 5 to the [1975 c. 7.] Finance Act 1975 (protective trusts) for sub-paragraphs (2) and (3) there shall be substituted—
“(2)For the purposes of capital transfer tax—
(a)there shall be disregarded the failure or determination, before the end of the trust period, of trusts to the like effect as those specified in paragraph (i) of the said section 33(1); and
(b)the principal beneficiary shall be treated as beneficially entitled to an interest in possession in any property which is for the time being held on trusts to the like effect as those specified in paragraph (ii) of the said section 33(1).”
(2)This section shall be deemed to have come into force on 11th April 1978 and applies if the failure or determination of the trusts is after that date; but no capital distribution shall be treated as made by virtue of paragraph 15(3) of the said Schedule 5 by reason only of the coming into force of this section.
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