Section 735AA Settlements to which following sections applyF1

Sections 735AB to 735C apply if—

In sections 735AB to 735C—

• “the relevant transfer” means the transfer referred to in subsection (1)(a);

• “the settlement” means the settlement referred to in subsection (1)(b)(i) or (ii) (as the case may be);

• “the settlor” means the settlor of that settlement.

For the purposes of subsection (1)(b)(ii), the trustees of a settlement are “indirect participators” in a company if they are participators in the first in a chain of two or more companies where the last company in the chain is the person abroad and where each company in the chain (except the last) is a participator in the next company in the chain.