Commentary

I5.1018 Trustees' CGT reliefs and exemptions

IHT, trusts and estates

I5.1018 Trustees' CGT reliefs and exemptions

I5.1018 Trustees' CGT reliefs and exemptions

Annual exempt amount

Trustees are entitled to an annual exempt amount equal to one-half of the exempt amount for individuals1 unless the settlement is for the benefit of a disabled person, in which case the full individual's annual exemption is available2.

Where there is more than one settlement made by the same settlor, the exemption is the greater of3:

  1.  

    •     one-tenth of the exempt amount for individuals, and

  2.  

    •     the exempt amount divided by the number of qualifying UK settlements

A 'qualifying UK settlement' for this purpose is one:

  1.  

    •     made after 6 June 19784

  2.  

    •     whose trustees are resident in the UK during any part of the tax year5, and

  3.  

    •     in which the property is not held for a charitable or pension

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