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HMRC internal manual

Capital Gains Manual

Annual exempt amount: example

N and O are trustees of property subject to a deed of settlement made in 1979. The settlor is P, who has made three other settlements, none of which is an ‘excluded’ settlement, see CG18112 - 18113, since 6 June 1978.

The exempt amount for the year is £5,000 and so the trust exemption is £2,500. The exemption available to set against the gains accruing to N and O as trustees is £625. This is the exemption of £2,500 divided by 4 (the number of qualifying settlements in P’s group, see CG18096).