(1) In these Regulations, "beneficial owner", in relation to a trust, means each of the following -
(a) the settlor;
(b) the trustees;
(c) the beneficiaries;
(d) where the individuals (or some of the individuals) benefiting from the trust have not been determined, the class of persons in whose main interest the trust is set up, or operates;
(e) any individual who has control over the trust.
(2) In paragraph (1)(e), "control" means a power (whether exercisable alone, jointly with another person or with the consent of another person) under the trust instrument or by law to -(a) dispose of, advance, lend, invest, pay or apply trust property;(b) vary or terminate the trust;(c) add or remove a person as a beneficiary or to or from a class of beneficiaries;(d) appoint or remove trustees or give another individual control over the trust;(e) direct, withhold consent to or veto the exercise of a power mentioned in sub-paragraphs (a) to (d).
(3) In these Regulations, "beneficial owner", in relat
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