(1) The Principal Act is amended -

(a) in section 2 by inserting the following after subsection (1):

"(1A) For the purposes of the definition of 'discretionary trust' in subsection (1), any entity which is similar in its effect to a discretionary trust shall be treated as a discretionary trust irrespective of how it is described in the place where it is established.

(1B) Any reference in this Act to trustees in relation to a discretionary trust shall be deemed to include persons acting in a similar capacity to trustees in relation to an entity referred to in subsection (1A).",

(b) in section 15 by inserting the following after subsection (1):

"(1A) For the purposes of this section and section 20, where a discretionary trust is created under the will (including under a codicil to that will) of a deceased person property shall be deemed to be subject to the trust on the date of death of that person.",

(c) in section 18 in the definition of "relevant period" in subsection (1) by inserting "and" at the end of paragraph (b) and by deleting paragraph (c),