When you look at Schedule 3, you will see a new clause added after clause 7. This new clause is called "Application of Trusts Act 2019". It says that a specific rule from the Trusts Act 2019 does not apply to certain schemes. You cannot be the only person in charge of a trust and also the only person who benefits from it, but this rule does not apply to approved Schedule 3 schemes or schemes that will be approved.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS10117.
In Schedule 3, after clause 7, insert:
8Application of Trusts Act 2019
Section 14 of the Trusts Act 2019 (sole trustee cannot be sole beneficiary) does not apply to—
- an approved Schedule 3 scheme; or
- a scheme that has been or will be constituted with the intention that the scheme will be approved as a Schedule 3 scheme.
