What is an Interest in a foreign trust?

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You will have an interest in a FIF that is a foreign trust if you have:

• an interest in the capital or income of the trust-including a unit in a unit trust, or
• an entitlement to acquire such an interest through an option, convertible note, or other instrument. [SECTIONS 470, 475, 482]

Your entitlement to acquire an interest in the income or capital may be absolute or be contingent on some other event. It may arise through a document of a company or the exercise of a right or option or for any other reason. [SECTION 475]