Finance Act, 1984


108. Section 106 shall not apply or have effect in relation to a discretionary trust which is shown to the satisfaction of the Commissioners to have been created exclusively—

(a) for public or charitable purposes in the State or Northern Ireland;

(b) for the purposes of—

(i) any scheme for the provision of superannuation benefits on retirement established by or under any enactment or by or under an instrument made under any enactment, or

(ii) any sponsored superannuation scheme within the meaning of subsection (9) of section 235 of the Income Tax Act, 1967 , or a trust scheme or part of a trust scheme approved by the Commissioners under that section or section 235A of that Act;

(c) for the purposes of a registered unit trust scheme within the meaning of the Unit Trusts Act, 1972 ;

(d) (i) for the benefit of one or more named individuals, and

(ii) for the reason that such individual, or all such individuals, is or are, because of age or improvidence, or of physical, mental or legal incapacity, incapable of managing his or their affairs; or

(e) for the purpose of providing for the upkeep of a house or garden referred to in section 39 of the Finance Act, 1978 .