74. Trustees, nominees and personal representatives

(1) A person ("X") does not carry on an activity of the kind specified by paragraph 4 where he enters into a transaction as bare trustee for another person ("Y") and —
(a) X is acting on Y's instructions; and
(b) X does not hold himself out as providing a service of buying and selling Securities, Derivatives or Contracts of Insurance.
(2) Subject to sub-paragraph (5), there are excluded from paragraphs 16(1) and (2) arrangements made by a person acting as trustee or personal representative for or with a view to a transaction which is or is to be entered into —
(a) by that person and a fellow trustee or personal representative (acting in their capacity as such); or
(b) by a beneficiary under the trust, will or intestacy.
(3) Subject to sub-paragraph (5), there is excluded from paragraphs 43 or 56 any activity carried on by a person acting as trustee or personal representative, unless he holds himself out as providing a service comprising an activity of the kind specified by paragraphs 43 or 56.
(4) Subject to sub-paragraph (5), there is excluded from paragraph 28 the giving of advice by a person acting as trustee or personal representative where he gives the advice to —
(a) a fellow trustee or personal representative for the purposes of the trust or the estate; or
(b) a beneficiary under the trust, will or intestacy concerning his interest in the trust fund or estate.
(5) Sub-paragraphs (2), (3) and (4) do not apply if the person carrying on the activity is remunerated for what he does in addition to any remuneration he receives as trustee or personal representative, and for these purposes a person is not to be regarded as receiving additional remuneration merely because his remuneration is calculated by reference to time spent.