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HMRC internal manual

Capital Gains Manual

Annual exempt amount: settlements: disabled persons: property applied

The expression `property is applied’, see CG18060, basically refers to the exercise of powers of appointment or advancement, see CG37330 by the trustees to take property outside the settlement. It should not be regarded as covering the situation where a beneficiary becomes absolutely entitled to the property on the occurrence of an event such as the death of a life tenant.