Value of beneficial interest in discretionary trusts
34 Value of beneficial interest in discretionary trusts
For the purposes of this Part, a person who may benefit under a discretionary trust as a result of the exercise of a power or discretion, or a failure to exercise the power or discretion, by the trustee or by another person, or by the trustee and another person, is taken to be a beneficiary of the trust who has a beneficial interest in respect of more than 50% of the value of the interests in the trust.
For the purposes of this Part, 2 or more persons who may benefit under a discretionary trust as a result of the exercise of a power or discretion, or a failure to exercise the power or discretion, by the trustee or by another person, or by the trustee and another person, are taken to be beneficiaries of the trust who together have a beneficial interest in respect of more than 50% of the value of the interests in the trust.
[Section 34 amended: No. 32 of 2012 s. 39.]
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