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HMRC internal manual

Capital Gains Manual

Assessment of trustees: whom to assess

TCGA92/S65 (2)

For years 1996-97 onwards Capital Gains Tax may be assessed on any one or more of the `relevant trustees’. The relevant trustees are those in office at any time in the year of assessment in which the chargeable gains accrued or in any subsequent year. Normally therefore the notice to return would be issued to and the chargeable gains assessed on a current trustee unless the current trustees are all non-resident.

The liability of trustees to third parties (including HMRC) is a personal liability, so it is in general not restricted to the amount of the trust fund (see speech of Lord Cairns in Muir v City of Glasgow Bank (1879)).

For earlier years assessments had to be made on one or more of the trustees in office at the time of the assessment, and if the persons assessed included a non-resident all the current trustees had to be assessed.

TCGA92/S65(3) provides a special rule for assessments under TCGA92/S80.