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HMRC internal manual

Capital Gains Manual

Separate settlements: trustees absolutely entitled as against other

In Hoare Trustees v Gardner, 52TC53, the trustees argued that one set of trustees could not become absolutely entitled as against another set, because a trustee cannot properly be described as absolutely entitled to property, because of his, her or its duty as trustee and lack of any beneficial interest. Brightman J disagreed. The trustees of the new settlement were able to direct the trustees of the old settlement how to deal with the trusts assets. Absolutely entitled does not mean beneficially entitled.