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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Absolute entitlement: part of trust fund: sales of land

If the trustees sell the land in question after the first contingency then the principle of Crowe v Appleby ceases to apply, even if the proceeds are used to buy further land. Once the sale has taken place the trust fund, or the relevant part, consists of cash, and the beneficiaries with absolute interests can call upon the trustees to hand over their share of the money. If further land is bought then there is a tenancy in common, see CG70500+, with the tenants in common being the trustees of the original settlement and the absolutely entitled beneficiaries.