CG18112 - Annual exempt amount: trust exemption: excluded settlement

TCGA92/SCH1/PARA2 (7)

The fact that any chargeable gains of a particular settlement would be assessed under TCGA92/S77 on the settlor (CG34700), or the beneficiary (CG35501) does not prevent that settlement from being a qualifying settlement. Nor does the fact that the trustees only hold assets, such as life policies, which would be exempt from Capital Gains Tax.