Section 435(5)

A person in his capacity as trustee of a trust other than— is an associate of another person if the beneficiaries of the trust include, or the terms of the trust confer a power that may be exercised for the benefit of, that other person or an associate of that other person. a trust arising under any of the second Group of Parts or the Bankruptcy (Scotland) Act 2016, or a pension scheme or an employees’ share scheme . . . ,

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Source: legislation.gov.uk · retrieved 2026-09-04