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HMRC internal manual

Capital Gains Manual

Bare trusts: joint entitlement

Section 60(1) refers to two or more persons who are `jointly’ so entitled. In Kidson v Macdonald, 49TC503, it was explained that the word jointly was used in a non-technical sense to cover any situation of joint ownership, whatever legal code was applicable. It was not confined to the limited English concept of joint ownership. In particular it covered tenancies in common, and the equivalent interests in Scottish law.

In Stephenson v Barclays Bank Trust Co the judge discusses in more detail the rights of beneficiaries and the circumstances in which they become jointly absolutely entitled, see CG37040+.

In Booth v Ellard, 53TC393, at page 418F-G, Oliver LJ explained that the vital feature is that the beneficiaries concerned should have interests of the same quality, although they are not of the same quantity.