58 Relevant property

Chapter III
Settlements without Interests in Possession[, and Certain Settlements in which Interests in Possession Subsist]

Interpretation

58  Relevant property

(1)     In this Chapter “relevant property” means settled property in which no qualifying interest in possession subsists, other than—

(a)     property held for charitable purposes only, whether for a limited time or otherwise;

(b)     property to which section 71, [71A, 71D,] 73, 74 or 86 below applies [(but see subsection (1A) below)];

(c)     property held on trusts which comply with the requirements mentioned in paragraph 3(1) of Schedule 4 to this Act, and in respect of which a direction given under paragraph 1 of that Schedule has effect;

[(d)     property which is held for the purposes of a registered pension scheme[, a qualifying non-UK pension scheme or a] section 615(3) scheme;]

(e)     property comprised in a trade or professional compensation fund;

[(ea)     property comprised in an asbestos compensation settlement, . . .]

[(eb)     property comprised in a decommissioning security settlement; and]

(f)     excluded property.

[(1A)     Settled property to which section 86 below applies is “relevant property” for the purposes of this Chapter if—

(a)     an interest in possession subsists in that property, and

(b)     that interest falls within subsection (1B)

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