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HMRC internal manual

Trusts, Settlements and Estates Manual

Legal background to trusts & estates: the law in England & Wales - definition of property

In these notes ‘property’ means anything tangible or intangible, which can be owned. Ownership can pass to another owner. Effectively this means any assets. ‘Property’ is not just real property, or interests in land or buildings.

The two types of property

There are two main types of property - realty (real property) and personalty (personal property). There are differences in the law applicable to each.

Notes about realty are at TSEM6006.

Notes about personality are at TSEM6007.