S. 3B(1) amended by No. 22/2018 s. 4(2)(a).
(1) For the purposes of the definition of foreign trust in section 3(1), a person has a substantial interest in the trust estate of a trust if—
S. 3B(1)(a) amended by No. 22/2018 s. 4(2)(b).
(a) the person has a beneficial interest of more than 50% of the capital of the estate of the trust; or
(b) the Commissioner has made a determination under section 3D in respect of the person.
S. 3B(2) amended by No. 22/2018 s. 4(3).
(2) If, under the terms of a trust, a trustee has a power or discretion as to the distribution of the capital of the trust estate to a person or a member of a class of person, any such person is taken to have a beneficial interest in the maximum percentage of the capital of the trust estate that the trustee is empowered to distribute to that person.
S. 3B(3) substituted by No. 22/2018 s. 4(4).
(3) Subsection (1) applies whether or not the person has the substantial interest—
(a) alone; or
(b) together with—
(i) an associated person; or
(ii) a foreign natural person, foreign corporation or trustee of a foreign trust.
S. 3C inserted by No. 26/2015 s. 15.