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HMRC internal manual

Capital Gains Manual

Annual exempt amount: qualifying persons: the trust exemption

Trustees other than those within CG18010 qualify for an annual exemption of one-half ofthe annual exempt amount enjoyed by an individual. This relief is referred to in thisguidance as the ‘trust exemption’. The exemption may, though, be reduced if the settlementis made after 6 June 1978 and is one of a number of such settlements having the sameperson as settlor, see CG18090+.