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HMRC internal manual

Trusts, Settlements and Estates Manual

Trust income and gains: trustees - general reliefs

Trustees are entitled to claim the general reliefs available. These include:

  • loss relief for ‘persons’ but not for ‘individuals’ in (ITA Part 4)
  • overpayment relief (TMA70/S33 and Schedule 1AB, FA 2009 Section 100 and Schedule 52) FA 2009)- see SACM12005. External customers can find this guidance at
  • capital allowances

Capital gains tax

If a relief is for individuals, trustees do not qualify. This is because they are a single and continuing body of persons, distinct from the persons who may be the trustees. See ITA/S474 and TCGA92/S69 (1).

Some reliefs have special conditions applying to trustees, for example TCGA92/ S225, private residence relief.

Other reliefs refer to persons. If so, then provided the relevant conditions are met, trustees are entitled to relief. This is because ‘person’ generally includes ‘body of persons’.

Where the trust is a settlor interested trust, the trustees or their duly authorised agent must make any CGT claim. They are given by reference to the trustees’ circumstances.