The trustees' gains for a year are called their section 2(2)* amount. TCGA92/S87(4) defines the section 2(2)* amount as:

the amount on which the trustees would be chargeable to tax under section 2(2)* if they were UK resident less

any amount of those gains charged on the settlor under TCGA92/S86.

In practice if section 86 applies it is likely to apply to all the trustees' gains unless there is more than one settlor and one or more of the settlors are not liable under section 86.

Annual exempt amount

The trustees do not have an annual exempt amount which is deducted in calculating the section 2(2)* amount.

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