(1) Where income accrues to a person under a revocable disposition the income accrues to the disposer and is to be charged to tax in his or her name.
(2) For the purposes of this section, a disposition is revocable where the disposer—
(a) has a right to reassume control, directly or indirectly, over or has access to the property or income of the disposition; or
(b) has power to revoke or otherwise determine the disposition, whether immediately or in the future and whether with or without the consent of any other person, but only where, in the event of the exercise of such power the disposer will or may become beneficially entitled to the whole or any part of the property or income of the disposition.
(3) Where part only of a disposition is capable of revocation, subsection (1) applies only to such part of the disposition.
(4) Subsection (2) does not deem a disposition to be revocable by reason only of a power of revocation in such disposition in relation to the interest of any beneficiary therein where such power of revocation is limited to arise only in the event that such beneficiary should pre-decease the disposer.