(1) The following interests shall be disregarded for the purposes of section 54 and sections 56 to 58 -
(a) where property is held on trust and an interest in shares or debentures is comprised in that property, an interest in reversion or remainder or of a bare trustee and any discretionary interest;
(b) an interest of a person subsisting by virtue of -
(i) his holding units in -
(I) a registered unit trust scheme within the meaning of section 3 of the Unit Trusts Act, 1972;
(II) a unit trust to which section 31 of the Capital Gains Tax Act, 1975, as amended by section 34 of the Finance Act, 1977 relates;
(III) an undertaking for collective investment in transferable securities, within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 1989 (S.I. No. 78 of 1989);
(ii) a scheme made under section 46 of the Charities Act, 1961;
(c) an interest for the life of himself or another of a person under a settlement in th