19 SIn this schedule, a “bare trust”—
(a)is a trust under which the property is held by a person as trustee—
(i)for a person who is absolutely entitled as against the trustee, or who would be so entitled but for being under a legal disability by reason of non-age or under another disability, or
(ii)for two or more persons who are or would be jointly so entitled, and
(b)includes a case in which a person holds property as a nominee for another.
Commencement Information
I1 Sch. 18 para. 19 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
20 SThe references in paragraph 19 to a person being absolutely entitled to property as against the trustee are references to a case where the person has the exclusive right, subject only to satisfying any outstanding charge, lien or other right of the trustee—
(a)to resort to the property for payment of duty, taxes, costs or other outgoings, or
(b)to direct how the property is to be dealt with.
Commencement Information
I2 Sch. 18 para. 20 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
21 S In this schedule, “ settlement ” means a trust that is not a bare trust.
Commencement Information
I3 Sch. 18 para. 21 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2