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HMRC internal manual

Capital Gains Manual

Disposals by trustees: no `looking through'

Except in a case where a beneficiary is absolutely entitled as against the trustee, see CG34320, or would be absolutely entitled but for being an infant or otherwise under legal disability, see CG34340, to the property disposed of, the gains on disposal of trust property are the gains of the trustee and are not to be regarded as the gains of any other person. However TCGA92/S77, for resident settlements, see CG34700+ and TCGA92/S86, for non-resident settlements, see CG38430+, provide that in certain circumstances the chargeable gains of the trustees are to be assessed on the settlor. TCGA92/S87 provides for assessment of the beneficiaries in certain other cases of non-resident settlements, see CG38570c.