52ZZZWO

Transfers by principal beneficiaries or partners

Current

(1)

If a person transfers an asset to a special disability trust, the transfer is taken not to be a disposal of the asset (within the meaning of section 52E) if:

(a)

the person is the principal beneficiary of the trust, or the principal beneficiary’s partner; and

(b)

the person receives no consideration, and is not entitled to any consideration, for the transfer; and

(c)

the transfer is unconditional.

Note 1:

For special disability trust, see section 52ZZZW.

Note 2:

Section 52ZZZWE limits the circumstances in which the principal beneficiary or the principal beneficiary’s partner can transfer assets to the trust.

(2)

This section has effect subject to section 52ZZZWP.

This Act’s bill:Second reading speech

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