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HMRC internal manual

Trusts, Settlements and Estates Manual

Legal background to trusts & estates: the law in England & Wales - choses in possession & choses in action

There are two groups of chattels personal (TSEM6015) - choses-in possession and choses in action.

Choses in possession

Choses in possession are tangible property, transferred by assignment, or by manual delivery.

They include

* clothes * stock-in-trade
* furniture * plant and machinery
* personal effects * live and dead stock
* cars  


Choses in action


Choses in action are intangible property - rights of action to obtain money. They are transferred by documents.

They include

* loan debts * insurance policies
* bank balances * copyright
* negotiable instruments * patents
* holdings in companies * interests in other estates
* partnership interests * options
* goodwill