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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Gifts: business assets: assets used in trade: trustees

TCGA92/SCH7/PARA2 (2) (a) & (b)

Trustees qualify on the same basis as individuals with these two differences.

The only trades etc which can be taken into account are

  • those carried on by the trustees themselves


  • those carried out by a beneficiary with an interest in possession. This term is explained in CG36320+.

Listed shares (up to 1 April 1996 quoted shares) only qualify if the trustees can exercise not less than 25 per cent of the voting rights, see CG64050.