SCHEDULE 18Trusts
PART 6Interpretation
19Meaning of “bare trust”
In 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.
20Meaning of “absolutely entitled”
The 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.
21Meaning of “settlement”
In this schedule, “settlement” means a trust that is not a bare trust.