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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Absolute entitlement


In the lifetime of a settlement, there must eventually be one or more occasions whenbeneficiaries become entitled to some or all of the trust property. In due course thetrustees will normally transfer the property to the beneficiaries.

  • by executing a conveyance if it is land,
  • by executing a share transfer and sending it to the company if it is shares, and
  • by handing the property over if it is a chattel such as a picture.

In some cases however they may sell the property and hand over cash to thebeneficiaries.