Moved by
Baroness Williams of Trafford
21: Clause 1, page 7, line 1, at end insert—
“362GA Holding of property: trusts arrangements etc
(1) This section applies for the purposes of sections 362A and 362B.
(2) The cases in which a person (P) is to be taken to “hold” property include those where—
(a) P has effective control over the property;
(b) P is the trustee of a settlement in which the property is comprised;
(c) P is a beneficiary (whether actual or potential) in relation to such a settlement.
(3) A person is to be taken to have “effective control” over property if, from all the circumstances, it is reasonable to conclude that the person—
(a) exercises,
(b) is able to exercise, or
(c) is entitled to acquire,
direct or indirect control over the property.
(4) Where a person holds property by virtue of subsection (2) references to the person obtaining the property are to be read accordingly.
(5) For further provision about how to construe references to the holding of property, see section 414.”