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HMRC internal manual

Capital Gains Manual

Basic terms of trust law as applied to CGT: settlement

Capital Gains Tax liability falls on `the trustees of the settlement’ if they areresident in the UK. The trustees are the taxpayer for most purposes of CGT and the returnfor the settlement is issued to one or more of them. Details of the routine procedures tobe used in trust cases are to be found in the TSEM. Even though liability to CGT falls ona beneficiary or settlor the computation of each chargeable gain is made by reference tothe trustees’ circumstances.