A settlement may have more than one beneficiary. If some are not vulnerable persons, an election and claim may still be possible if the particular property that produces specific income is effectively a sub-fund and it can be shown to comprise the entitlement of the vulnerable person(s).

For these purposes, any reference to property being held on trusts (i.e. qualifying trusts; see ¶355-100) also includes reference to ‘a part of an asset being held on trusts’, provided that it is possible to identify that part of the asset and also any income arising from that part (FA 2005, s. 36).

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