The privileged treatment applies to trusts which meet the conditions in IHTA 1984, s. 86. They apply where the trusts on which the property is held apply indefinitely, as well as where they apply until the end of a finite period. They must not permit any of the settled property to be applied otherwise than (s. 86(1), (2)):

(1)for the benefit of persons of a class defined by reference to employment in a particular trade or profession, or employment by or office with a particular body carrying on a trade or profession;

(2)for the benefit of persons of a class defined by reference to marriage to or civil partnership with, or relationship to, or dependence on, persons within (1); or

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