Section 62 — Transfer irrevocable for a specified period.

Transfer irrevocable for a specified period.—(1) The provisions of section 61 shall not apply to any income arising to any person by virtue of a transfer— (i) by way of trust which is not revocable during the lifetime of the beneficiary, and, in the case of any other transfer, which is not revocable during the lifetime of the transferee; or

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