3EMeaning of *ultimate trust*

3E Meaning of *ultimate trust* (1) For the purposes of this Act, an ***ultimate trust*** is a trust— (a) in a chain of trusts; and (b) under which no person who has a specified interest holds that interest as a trustee of a trust for another person. (2) For the purposes of this section, a person has a ***specified interest*** under an ultimate trust if— (a) in the case of a trust that is a fixed trust, the person has a beneficial interest under the trust; or (b) in the case of a trust that is a unit trust scheme, the person is a unitholder in the scheme; or (c) in the case of a trust that is a discretionary trust, the person is a specified beneficiary of the trust. S. 3F inserted by No. 22/2021 s. 26.