It is provided that references to an individual are to include references to the trustees of a settlement (TCGA 1992, Sch. 5B, para. 17(1)(a)), thus all the provisions, especially those relating to chargeable events and anti-avoidance measures, apply equally to trustees, even though they are expressed in terms of individuals.

Discretionary trusts

Where none of the settled property is subject to an interest in possession, relief can be claimed for disposals by trustees of any asset comprised in the settled property, provided:

(1)all the potential beneficiaries are individuals or charities (TCGA 1992, Sch. 5B, para. 17(2)(a), (8)); and

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