When the trustees actually transfer the property to the beneficiary entitled to it, this is disregarded for CGT purposes. If they sell it on behalf of the beneficiary, that is treated as a disposal by him or her, and the gain or loss is the difference between the sale proceeds and the market value on the occasion of the deemed acquisition, less indexation as appropriate.
NOTE. If a taxpayer is within the charge to Capital Gains Tax, neither indexation allowance nor taper relief apply to disposals of assets on or after 6 April 2008. Previously indexation allowance had been frozen at April 1998. For indexation allowance see CG17207+ and for taper relief see CG17895+.