Section Sch3-1 — Trusts Act 2019: Meaning of specified commercial trust

1 Meaning of specified commercial trust (1) A specified commercial trust means— (a) an express trust (within the meaning of section 12 )— (i) that is created for the purpose of facilitating 1 or more commercial transactions; and (ii) every beneficiary of which is a beneficiary as a result of entering into the commercial transaction that the trust is created to facilitate, or as a result of entering into a commercial transaction of the type that the trust is created to facilitate; or (b) a wholesale trust; or (c) a security trust. (2) To avoid doubt, a trust— (a) ceases to be a specified commercial trust under clause 1(1)(a) if any person becomes a beneficiary of the trust and clause 1(1)(a)(ii) does not apply to that beneficiary; and (b) is not a specified commercial trust for as long as that person is a beneficiary of the trust. (3) In this clause,— commercial transaction is a transaction that all parties enter into in trade goods — (a) means personal property of every kind (whether tangible or intangible); and (b) includes— (i) ships, aircraft, and vehicles: (ii) animals, including fish: (iii) minerals, trees, and crops, whether on, under, or attached to land or not: (iv) gas and electricity: (v) to avoid doubt, water and computer software services — (a) includes any rights (including rights in relation to, and interests in, real or personal property), benefits, privileges, or facilities that are or are to be provided, granted, or conferred; and (b) without limiting paragraph (a), includes the rights, benefits, privileges, or facilities that are or are to be provided, granted, or conferred under any of the following classes of contract: (i) a contract for, or in relation to,— (A) the performance of work (including work of a professional nature), whether with or without the supply of goods: (B) the provision of, or the use or enjoyment of facilities for, accommodation, amusement, the care of persons or animals or things, entertainment, instruction, parking, or recreation: (C) the conferring of rights, benefits, or privileges for which remuneration is payable in the form of a royalty, tribute, levy, or similar exaction: (D) to avoid doubt, the supply of electricity, gas, telecommunications, or water, or the removal of waste water: (ii) a contract of insurance, including life assurance and life reassurance: (iii) a contract for a financial advice product (within the meaning of section 6(1) of the Financial Markets Conduct Act 2013): (iv) any contract for, or in relation to, the lending of money or granting of credit, or the making of arrangements for the lending of money or granting of credit, or the buying or discounting of a credit instrument, or the acceptance of deposits, or other provision of financial accommodation; but (c) does not include rights or benefits in the form of the supply of goods or the performance of work under a contract of service trade means any trade, business, industry, profession, activity of commerce, or undertaking relating to the supply or acquisition of goods or services or to the disposition or acquisition of any interest in land.