Transfer and revocable transfer defined.

 ⁷⁰63.   For the purposes of sections 60, 61 and 62 and of this section,

           (a)   a transfer ⁷¹ shall be deemed to be revocable if

        (i)  it contains any provision for the re-transfer directly or indirectly ⁷² 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 ;

           (b)   transfer ⁷¹ includes any settlement, trust, covenant, agreement or arrangement ⁷¹.