Trustees Act 1967 · 2020 Revised Edition · Part 7 · Transparency and Effective Control
83. Interpretation of this Part
Feedback & supportLast amended by an amending law of 2024. 2 amendments in all.
In this Part —
“authorised officer” means an authorised officer appointed under section 84B(1);
“Commissioner” means the Commissioner of Trust Enforcement appointed under section 84A(1);
“effective controller”, in relation to a relevant trust party of a relevant trust, means —
the individual who ultimately owns or controls the relevant trust party; or
the individual on whose behalf a transaction is being conducted by the relevant trust party in the relevant trust party’s capacity as such,and includes an individual who exercises ultimate effective control over the relevant trust party;
“FATF” means the intergovernmental body known as the Financial Action Task Force;
“FATF Recommendations” means the recommendations issued by the FATF from time to time relating to the prevention of money laundering, terrorism financing and financing of proliferation of weapons of mass destruction;
“financial institution” has the meaning given by section 2 of the Financial Services and Markets Act 2022;
“Global Forum” means the international body known as the Global Forum on Transparency and Exchange of Information for Tax Purposes;
“protector”, in relation to a trust, means a person who, under the instrument creating the express trust, has any control over how a trustee of the trust administers the trust;
“public officer” includes any officer of a statutory board;
“relevant trust” means a trust to which this Part applies;
“relevant trust party”, in relation to a trust, means all or any of the following:
a settlor;
a trustee;
a protector;
a beneficiary;
if any person benefitting from the trust has not been determined — a class of possible beneficiaries under the trust;
a person who —
is a member of a class of possible beneficiaries under the trust; and
is reasonably expected to benefit from the trust, whether or not because —
the person is referred to as a potential beneficiary by the settlor of the trust in a document relating to the trust such as a letter of wishes; or
the class of possible beneficiaries has narrowed for any reason;
a person who has any power (whether alone, jointly with any other person or with the consent of any other person) to —
dispose of, advance, lend, invest (other than in the capacity of an investment adviser or manager) any property that is subject to the trust;
property
“property” includes movable and immovable property, and any estate, share and interest in any property, movable or immovable, and any debt, and any thing in action, and any other right or interest, whether in possession or not;
distribute, or approve or direct the distribution of, any property that is subject to the trust to a beneficiary;
vary or terminate the trust;
add or remove a person as a beneficiary or a member of a class of possible beneficiaries;
appoint or remove a trustee; or
direct, withhold consent to or veto the exercise of a power mentioned in sub‑paragraph (i), (ii), (iii), (iv) or (v).
For the purposes of the definition of “effective controller”, subject to regulations made under section 84Q, the references to “ultimately owns or controls” and “ultimate effective control” refer to situations in which an individual ultimately owns or controls, or exercises ultimate effective control, over a relevant trust party, including where the individual’s ownership or control (as the case may be) of the relevant trust party is exercised through a chain of ownership or by means of indirect control.
A reference to this Part includes a reference to any regulations made under section 84Q.