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HMRC internal manual

Capital Gains Manual

Self Assessment of trustees

Broadly speaking trustees of settlements are given notice to make a return and are required to self assess in the same way as individuals. The authority for the notice to give a return is in TMA70/S8A. General guidance may be found in TSEM.

After the introduction of self assessment in 1996/97 and prior to 2006-07 there could be a problem in that for Capital Gains Tax purposes the trustees of a settlement have always been a single and continuing body by reason of TCGA92/S69 (1). So all the chargeable gains of the trustees of a settlement of a particular year of assessment fell to be included in one assessment or self-assessment. However for Income Tax purposes returns might be issued to trustees of different sub-funds within that settlement. These would self assess separately, and if so had to choose between themselves, in accordance with guidance in the return notes, which trustees would return and self assess the chargeable gains.

For 2006-07 onwards under ITTOIA05/S685E (1) “For the purposes of the Tax Acts the trustees of a settlement shall, unless the context otherwise requires, together be treated as if they were a single person (distinct from the persons who are the trustees of the settlement from time to time).” TCGA92/S69 (1) has the same wording except for “this Act” instead of “the Tax Acts”.

So unless a sub-fund election, see CG33330+, is in force only one return is issued to “the trustees of a settlement”.