Part 1Trusts
Chapter 6Private purpose trusts
Private purpose trusts: general
I146Private purpose trusts: general
1
A private purpose trust exists where—
a
the trust property is held by, or is vested in, a trustee for the furtherance of a specific purpose which is not a charitable or other public purpose, and
b
the trust is not constituted solely for the benefit of a specific beneficiary (or potential beneficiary).
2
For the purposes of subsection (1), it is immaterial whether the trust property is also held by, or vested in, the trustee for the benefit of any person (whether or not a person yet ascertained or in existence).
3
This section applies irrespective of when the trust was created.