67DRequirements for trustee of discretionary trust

67D Requirements for trustee of discretionary trust (1) For the purposes of section 67(1)(b)(iv), the requirements for an owner who is a trustee of a discretionary trust to which the land is subject are that— (a) the trustee carries on the business of primary production referred to in section 67(1)(a)(iii); and (b) the principal business of the trust is that business; and (c) either— (i) each specified beneficiary is a natural person; or (ii) at least one of the specified beneficiaries is a natural person and each of the specified beneficiaries who is not a natural person is a person referred to in subsection (2); and (d) either— (i) at least one of the specified beneficiaries is a natural person who is normally engaged in a substantially full-time capacity in the business of primary production referred to in section 67(1)(a)(iii); or (ii) a relative of at least one of the specified beneficiaries is normally engaged in a substantially full‑time capacity in the business of primary production referred to in section 67(1)(a)(iii). (2) For the purposes of subsection (1)(c)(ii), the persons are— (a) a charitable institution or a trustee of a charitable trust; or (b) a company all the shares in which are owned by one or more of the specified beneficiaries who are natural persons; or (c) a trustee of a trust (except a charitable trust), all the beneficiaries or specified beneficiaries of which are specified beneficiaries of the discretionary trust who are natural persons. S. 67E inserted by No. 46/2019 s. 25.