Trusts: definition: bare trusts
A bare trust is a trust where the beneficiaries are `absolutely entitled as against the trustee.’ In this case for CGT purposes the trust is ignored and each beneficiary is treated as if owning the appropriate share of the underlying property.
CG34300+ explain how to identify a bare trust. The two types you are most likely to meet are:
a) Where there has been a conventional trust but the various purposes have been fulfilled and the beneficiaries can insist on the property being handed over, but the trustees for the time being still hold the property.
b) Where two or more persons are joint tenants or tenants in common of land. See CG70500+. One special case is that of English partnerships, see CG27000.
Occasionally you may meet pooling arrangements. See CG34410-CG34411.