Section 396H

This section applies for the purposes of sections 396A and 396B. The cases in which a person (P) is to be taken to “hold” property include those where— P has effective control over the property; P is the trustee of a settlement in which the property is comprised; P is a beneficiary (whether actual or potential) in relation to such a settlement. A person is to be taken to have “effective control” over property if, from all the circumstances, it is reasonable to conclude that the person— direct or indirect control over the property. exercises, is able to exercise, or is entitled to acquire, Where a person holds property by virtue of subsection (2) references to the person obtaining the property are to be read accordingly. References to a person who holds or obtains property include any body corporate, whether incorporated or formed under the law of a part of the United Kingdom or in a country or territory outside the United Kingdom. For further provision about how to construe references to the holding of property, see section 414.

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