1019. Meaning of 'relevant property'.

'Relevant property' means settled property in which no qualifying interest in possession1 subsists, other than:

  1.  

    (1)     property held for charitable purposes only, whether for a limited time or otherwise2;

  2.  

    (2)     property to which the provisions relating to accumulation and maintenance trusts3, trusts for bereaved minors4, aged 18-25 trusts5, pre-1978 protective trusts6, pre-1981 trusts for disabled persons7 or trusts for the benefit of employees8 apply9