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HMRC internal manual

Capital Gains Manual

Persons chargeable: beneficial owner

TCGA92/S8 (6), TCGA92/S26, TCGA92/S60 & TCGA92/S66

The person chargeable is normally the `beneficial’ owner of the asset which has been disposed of. Any actions by

  • nominees, see CG34307+,
  • bare trustees (that is, where the person is absolutely entitled to property held by trustees), see CG34300+,
  • receivers, liquidators or trustees in bankruptcy, see CG20500 and CG40400+ 
  • mortgages or charge holders or any other persons entitled to the asset by way of security, see CG12706,

are attributed to the beneficial owner so that any gain or loss accruing on an actual disposal of the asset by the nominee etc accrues to the beneficial owner (and not the nominee). The transfer of legal ownership between a nominee and the beneficial owner does not constitute a disposal for the purposes of the Act.