Basic terms of trust law as applied to CGT
The sections of TCGA 1992 dealing with trusts often refer to the `trustees of the settlement’. The settlement is the basic taxable unit for Capital Gains Tax. Tax is charged on the trustees of the settlement. There is a disposal for Capital Gains Tax purposes if assets are transferred from one settlement to another. If a new settlement is created out of an old one, see CG37800+, there is a disposal by the trustees of the original settlement of the assets which are now held in the new settlement.
CG33290 explains why it is important to decide whether there is one settlement or more.
CG33295+ discuss the principles on which you can decide whether there is one settlement or more.
There may be several trusts or funds in existence within one settlement. These may even have different trustees in exceptional circumstances, see CG33341.