Definition of term "Transfer and Revocable transfer" - (New) Section 98 / (Old) Section 63

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.... • (a) "transfer" includes any settlement, trust, covenant, agreement or arrangement; • (b) a transfer shall be deemed to be revocable, if-- • (i) it contains any provision for the direct or indirect re-transfer of the whole or any part of the income or assets to the transferor; or • (ii) it, in any way, gives the transferor a right to re-assume powe....

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....nt or arrangement. Important Case Law • The deed contains a power of revocation in clause 10 exercisable by the settlor with the consent of specified persons; although the power may be conditional or contingent on obtaining consent, that contingency does not remove the character of the transfer as revocable. The statutory phrase 'revocable transfer' is not limited to a....