[F17(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.]
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