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HMRC internal manual

Capital Gains Manual

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

It is also possible, with the consent of the trustees, to vary the terms of the trust. There are all kinds of variation possible. Some property may pass absolutely to beneficiaries or existing separate settlements. Clearly this must involve disposals under TCGA92/S71 (1). Other property is held on the same trusts as before and/or on different trusts.