24(1)This paragraph applies for the purposes of paragraph 22(1)(c) (meaning of “associate”: trustees of settlement) where—U.K.
(a)the individual (“the beneficiary”) is one of the objects of a discretionary trust,
(b)the property subject to the trust has at any time consisted of, or included, shares or obligations of the company mentioned in paragraph 19(2),
(c)the beneficiary has ceased to be eligible to benefit under the trust as a result of—
(i)an irrevocable disclaimer or release executed by the beneficiary, or
(ii)the irrevocable exercise by the trustees of a power to exclude the beneficiary from the objects of the trust,
(d)immediately after the beneficiary ceased to be so eligible, no associate of the beneficiary was interested in the shares or obligations of the company which were subject to the trust, and
(e)during the period of 12 months ending with the date on which the beneficiary ceased to be so eligible, neither the beneficiary nor any associate of the beneficiary received any benefit under the trust.
(2)The beneficiary is not, as a result only of the matters mentioned in sub-paragraph (1)(a) and (b), to be regarded as having been interested in the shares or obligations of the company at any time during that period of 12 months.
(3)In sub-paragraph (1) “associate” has the meaning given by paragraph 22(1), but with the omission of paragraph (c) (trusts and estates).