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HMRC internal manual

Capital Gains Manual

Disposal of interests in settlements: non-resident settlement

TCGA92/S85 (1)

A chargeable gain accrues on the actual disposal of an interest in a non-resident settlement, but not where the disposal is a deemed disposal under TCGA92/S76 (2). Under TCGA92/S17 (2)(a), in computing the gain on a disposal by a person for whose benefit the interest was created no deduction for acquisition cost, other than relevant incidental costs, is due where the interest was acquired on or after 10 March 1981. Where however the interest was acquired before that date, CGTA79/S19 (3) applies instead and the person making the disposal is treated as having acquired that interest at its market value at the date of acquisition.