(1)    For the purposes of this Chapter where property is held on trusts for the benefit of a disabled person those trusts are qualifying trusts if they secure that the conditions in subsection (2) are met—

(a)    during the lifetime of the disabled person, or

(b)    until the termination of the trusts (if that occurs before his death).

(2)    Those conditions are—

(a)    that if any of the property is applied for the benefit of a beneficiary, it is applied for the benefit of the disabled person, and

(b)    either that the disabled person is entitled to all the income (if there is any) arising from any of the property or that no such income may be applied for the benefit of any other person.

(3)    The trusts on which property is held are not to be treated as failing to secure that the conditions in subsection (2) are met by reason only of the powers conferred on the trustees by—

(a)    section 32 of the Trustee Act 1925 (c 19) (powers of advancement), or

(b)    section 33 of the Trustee Act (Northern Ireland) 1958 (c 23 (NI)) (corresponding provision for Northern Ireland).

(4)    The reference in subsection (1) to the lifetime of the disabled person is, where property is held for his benefit on trusts of the kind described in section 33 of the Trustee Act 1925 (protective trusts), to be construed as a reference to the period during which such property is held on trust for him.