Section 1209ZC — Social Security Act 1991: Transfers by principal beneficiaries or partners

(1) If a person transfers an asset to a special disability trust, the transfer is taken not to be a disposal of the asset (within the meaning of section 1123) if: (a) the person is the principal beneficiary of the trust, or the principal beneficiary’s partner; and (b) the person receives no consideration, and is not entitled to any consideration, for the transfer; and (c) the transfer is unconditional. Note 1: For special disability trust see section 1209L. Note 2: Section 1209R limits the circumstances in which the principal beneficiary or the principal beneficiary’s partner can transfer assets to the trust. (2) This section has effect subject to section 1209ZD.