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HMRC internal manual

Trusts, Settlements and Estates Manual

From
HM Revenue & Customs
Updated
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Legal background to trusts and estates: bare or simple trust

The beneficiary of a bare or simple trust has the right to take actual possession of the trust property. Bare trustees are ‘names’ or ‘dummies’ for the true owner. They are often known as nominees, especially if the assets are shares in a limited company.