The expression "beneficiary" appears a number of times throughout the Act and this section contains definitions of it. Sub-section (1) provides that it normally means --

any person who under the trust has an interest in property subject to the trust (including a person who has such an interest as a trustee or a personal representative)

However where the expression used is a "beneficiary who is beneficially entitled" it does not include a trustee or a personal representative -- subsection (2).

Some parts of the legislation refer to a beneficiary who is entitled to an interest in possession (as to which see Pearson v IRC [1981] AC 753 which is referred to above). An annuitant is not a person having such an interest -- sub-section (3).