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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Chargeable assets: legal and beneficial ownership

TCGA92/S1 (1)

Capital Gains Tax is charged under TCGA92/S1 (1) on the disposal of assets, but it is important to bear in mind that the legal owner of an asset is not necessarily its beneficial owner and that it is beneficial ownership (not legal ownership) which the tax principally follows. The point is particularly important in relation to partnership assets, see CG27000, family and matrimonial or civil partnership property, see CG65300+, and real property (land) generally, see CG70500+. Detailed instructions are given at CG34300+.