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HMRC internal manual

Capital Gains Manual

Conventional but bare trusts: limitations

If a gift is limited in any way, for example a will provides for property to go `to mywife during widowhood’, this makes it settled property.

The same is true if there is a condition subsequent, that is a condition upon thefulfilment of which the property goes to someone else: for example a will provides forproperty to go to K `unless he becomes a solicitor’.

In both cases the gift may be described as `vested but liable to be divested’. Theproperty is settled because the interest is not absolute.