Commentary on Sections Overview Chapter 2: Accrued income profits and losses Section 641: Small holdings: trustees of a disabled person’s trusts
1891.This section excludes trustees of a disabled person’s trusts whose holdings are below the specified limit. This section is based on section 715(1)(e) and (2)(b) of ICTA.
1892.Subsections (1) to (3) provide exclusions for trustees of a disabled person’s trusts identical to those for individuals and personal representatives. (Change 101 in Annex 1 applies here; see the commentary on section 639(3) (small holdings: individuals).)
1893.Subsection (4) signposts the definition of “disabled person’s trusts” which applies for the purpose of this provision. Broadly, that definition includes trusts where the beneficiary may be incapacitated to a degree that interferes with their management of their affairs.