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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Annual exempt amount: trust exemption: excluded settlement


The fact that any chargeable gains of a particular settlement would be assessed underTCGA92/S77 on the settlor (CG34700), or the beneficiary (CG35501) does not prevent thatsettlement from being a qualifying settlement. Nor does the fact that the trustees onlyhold assets, such as life policies, which would be exempt from Capital Gains Tax.