106ZD.— (1) Subject to subsections (5) to (7), the following definition is designated with respect to "beneficial owner" (in relation to a relevant trust):

"beneficial owner", in relation to a relevant trust, means any of the following:

(a) any individual who is entitled to a vested interest in possession, remainder or reversion, whether or not the interest is defeasible, in the capital of the relevant trust property;

(b) in the case of a relevant trust other than one that is set up or operates entirely for the benefit of individuals referred to in paragraph (a), the class of individuals in whose interest the trust is set up or operates;

(c) any individual who has control over the relevant trust;

(d) the settlor;

(e) the trustee;

(f) the protector.

(2) For the purposes of the definition, designated by subsection (1), with respect to "beneficial owner" (in relation to a relevant trust), subsections (3) to (7) shall apply; the relevant regulations may, for convenience of reference, set out any of the provisions of this section (whether those that precede or follow this subsection) notwithstanding the application (provided for by section 106ZA(1)) of those provisions to those regulations.

(3) Except as provided by subsection (5), in this section "control", in relation to a relevant trust, means a power (whether exercisable alone, jointly with another person or with the consent of another person) under the trust instrument concerned or by law to do any of the following:

(a) dispose of, advance, lend, invest, pay or apply the trust property;

(b) vary the relevant trust;

(c) add or remove a person as a beneficiary or to or from a class of beneficiaries;

(d) appoint or remove trustees;

(e) direct, withhold consent to or veto the exercise of any power referred to in paragraphs (a) to (d).

(4) For the purposes of the definition of "control" in subsection (3), an individual does not have control solely as a result of the power exercisable collectively at common law to vary or extinguish a trust where the beneficiaries under the trust are at least 18 years of age, have full capacity and (taken together) are absolutely entitled to the property to which the trust applies.

(5) Notwithstanding subsection (1), "beneficial owner", in relation to a relevant trust established for the purpose of holding any assets of an approved body of persons established for, and existing for, the sole purpose of promoting amateur games or amateur sports within the meaning of section 235 of the Act of 1997, means the trustees, the committee or other governing body of the club or association, and any other individual who has control over the relevant trust.

(6) Notwithstanding subsection (1), "beneficial owner", in relation to a relevant trust that is a charitable trust within the meaning of section 2 of the Charities Act 2009, means the trustees and the committee or other governing body of the charitable trust, and any other individual who has control over the charitable trust.

(7) Notwithstanding subsection (1), ‘beneficial owner’, in relation to an estate—

(a) of a deceased person in the course of administration, and

(b) in relation to which there is provision for a relevant trust for one or more beneficiaries,

means the executor or administrator of the estate, and no other person, for the period in which the estate is being administered.]