United Kingdom Authorised Unit Trusts

Part of New Clause 16 – in the House of Commons at 9:45 pm on 15th July 1991.

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(4) Where units are held under a trust and the person who is the beneficiary in possession under the trust is the sole beneficiary in possession and can, by means either of the revocation of the trust or the exercise of any power under the trust, call upon the trustees at any time to transfer the units to him absolutely free from the trust, that person shall, for the purposes of this section, be treated as the unit holder.