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PART V
Provisions relating to Gifts and Inheritances
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Discretionary trusts.
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22.—Where a person becomes beneficially entitled in possession to any benefit—
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(a) under a discretionary trust, other than a discretionary trust referred to in paragraph (b), otherwise than for full consideration in money or money's worth paid by him, he shall be deemed to have taken a gift;
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(b) under a discretionary trust created—
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(i) by will at any time;
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(ii) by a disposition, where the date of the disposition is on or after the 1st day of April, 1975, and within two years prior to the death of the disponer; or
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(iii) by a disposition inter vivos and limited to come into operation on a death occurring before or after the passing of this Act,
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otherwise than for full consideration in money or money's worth paid by him, he shall be deemed to have taken an inheritance.
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