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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Funds in Court: England Wales and Northern Ireland: introduction


TCGA92/S61 deals with funds in court. These are funds controlled by the Courts of Justice for the benefit of suitors such as infants and those who lack capacity. For capital gains purposes, the Accountant General of the Supreme Court of Judicature is to be treated as holding the funds as nominee for the persons entitled to or interested in the funds. Gains on disposals of assets held in such funds are therefore chargeable on those persons.

The term ‘funds in court’ means the following.

  • Money in the High Court, a County Court or such other courts and tribunals as the Lord Chancellor may prescribe as provided in Section 38 Administration of Justice Act 1982.
  • Statutory deposits described in Section 40, Administration of Justice Act 1982. An example is the deposit required from registered friendly societies carrying on industrial assurance business.

Part VI of the Administration of Justice Act 1982 came into force under Statutory Instrument 1986/2259 and replaced the earlier Administration of Justice Act 1965. TCGA92/S61 applies to Funds in Court under both the 1965 and the 1982 Acts.