Clause 5

by inserting, immediately after the word “sale” in subsection (1)(c)(i), the words “or otherwise”;

by deleting the words “where the beneficial interest in the equity interests passes” in subsection (1)(c)(iii);

by inserting, immediately after the words “sections 23B” in subsections (2), (3), (5) and (6), “, 23BA”;

by inserting, immediately after subsection (20), the following subsection:“(20A) However, subsection (20) does not apply in a case mentioned in subsection (22)(aa)(i) or (ii); and in such a case, a person (X) is an associate of the trustee of the trust concerned if X is associated with the trustee in such manner as may be prescribed in the section 23 Order.”; and

by deleting the word “and” at the end of paragraph (a) of subsection (22), and by inserting immediately thereafter the following paragraph:“(aa)in the case of a conveyance executed on or after 10 May 2022 where the equity interests being conveyed —

are (in the case of duty A or duty C) to be held on trust by the grantee for a beneficiary who is not a bare trust beneficiary; or

were (in the case of duty B or duty D) conveyed to the grantor on or after 10 May 2022 to be held on trust by the grantor for a beneficiary who is not a bare trust beneficiary,then a reference to equity interests beneficially owned by a person is a reference to, as the case may be —

equity interests held or to be held on trust (as the case may be) by the grantee as trust property of the trust for that beneficiary; or

equity interests held by the grantor as trust property of the trust for that beneficiary; and”.