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HMRC internal manual

Capital Gains Manual

Settlor trusts: new claim that several settlements exist

It may now be claimed that a single deed gives rise to several settlements particularlyin cases where part only of the trust property or income may be applied for the benefit ofthe settlor or the settlor’s spouse or civil partner. This is because it might then bepossible to identify one or more settlements the gains of which could not be attributed tothe settlor under Section 77. For the same reason trustees may claim that the exercise ofa power of appointment or advancement over particular assets in such a manner that thesettlor and the settlor’s spouse or civil partner are excluded as potential beneficiariesof the appointed assets has given rise to a separate settlement.