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HMRC internal manual

Capital Gains Manual

Bare trusts: investment groups

There may be cases where assets are pooled together for investment purposes. If so, thefirst question to ask is whether this is an unauthorized unit trust, see CG41300+ and inparticular CG41350+. The second question is whether this is an unincorporated association,see CG34412. Only then is it necessary to consider whether it is a bare trust or settledproperty. It is the former if the rights of the members are qualitatively the same andthere are no other beneficiaries.