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HMRC internal manual

Capital Gains Manual

Defined persons - future beneficiaries

The definition of interest in a settlement in TCGA92/Sch5/para2(1)(a) includes the possibility that relevant property or income may become applicable to a defined person. This covers the possibility that a defined person may become a beneficiary. This could happen if the trust deed gives the trustees, the settlor or even a third party the power to add new beneficiaries and that person is a defined person. A well-drafted trust deed will exclude this possibility.