Clause 3

Section 16 of the principal Act is amended by inserting, immediately after subsection (6), the following subsections:“(7) Where equity interests in an entity were conveyed or transferred on or after 10 May 2022 to a trustee to hold on trust for a beneficiary who is not a bare trust beneficiary, then subsection (5)(d) does not apply to a conveyance or transfer, executed on or after that date, by the trustee of those equity interests to the beneficiary.(8) In subsection (7), “entity” and “equity interest” have the meanings given by section 23(21).(9) To avoid doubt, this section applies to a settlement that is made voluntarily.”.