“Transfer” and “revocable transfer” defined

For the purposes of sections 96 and 97, and this section,—

1. (a) "transfer" includes any settlement, trust, covenant, agreement or arrangement;
   • (b) a transfer shall be deemed to be revocable, if—
   • (i) it contains any provision for the direct or indirect re-transfer of the whole or any part of the income or assets to the transferor; or
   • (ii) it, in any way, gives the transferor a right to re-assume power directly or indirectly over the whole or any part of the income or assets.