58 Relevant property.U.K.
(1)In this Chapter “relevant property” means settled property in which no qualifying interest in possession subsists, other than—
(a)property held for charitable purposes only, whether for a limited time or otherwise;
(b)property to which section 71, 73, 74 or 86 below applies;
(c)property held on trusts which comply with the requirements mentioned in paragraph 3(1) of Schedule 4 to this Act, and in respect of which a direction given under paragraph 1 of that Schedule has effect;
(d)property which is part of or held for the purposes of a fund or scheme to which section 151 below applies;
(e)property comprised in a trade or professional compensation fund; and
(f)excluded property.
(2)The reference in subsection (1)(d) above to property which is part of or held for the purposes of a fund or scheme does not include a reference to a benefit which, having become payable under the fund or scheme, becomes comprised in a settlement.
(3)In subsection (1)(e) above “trade or professional compensation fund” means a fund which is maintained or administered by a representative association of persons carrying on a trade or profession and the only or main objects of which are compensation for or relief of losses or hardship that, through the default or alleged default of persons carrying on the trade or profession or of their agents or servants, are incurred or likely to be incurred by others.