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

(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.