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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Disposals by trustees: employee trusts: trusts for employees

Except where specific rules provide otherwise, trusts set up for the benefit of employees or their dependants are subject to the normal rules relating to settled property. For the purposes of determining the annual exempt amount the settlor is the person who made or entered into the settlement, generally the employer. It is therefore necessary to determine, for the purposes of the grouping rules, see CG18096+, what other settlements have been made by the employer which are not excluded settlements, see CG18112. In addition any individual or company which adds property to the settlement is also a settlor.