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HMRC internal manual

Trusts, Settlements and Estates Manual

Legal background to trusts and estates: ending a 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.

There may be more than one beneficiary of a bare or simple trust. Provided they are fully competent to manage their own affairs, they can agree to break up the trust. They do not need the agreement of the trustees. Details are at CG34300+ onwards