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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Separate settlements: variations of trusts: by agreement

If all the beneficiaries of the trust are 18 or over and agree, they may bring it to anend and share out between themselves (and others) the trust property. (There is anexception to this rule in Scotland in that a person with an alimentary liferent cannotexercise consent in this way.) In these circumstances there is a deemed disposal by thetrustees of the whole of the settled property under TCGA92/S71 (1).