CG33370 - Residence of trustees: pre 5 April 2007: main rule

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TCGA92/S69 (2) to (2E)

With effect from 6 April 2007 the residence status of trustees for the purposes of CGT is identical to that which applies for the purposes of income tax.

The relevant guidance is at TSEM1461.

In particular the special treatment of professional trustees under the previous law has been abolished.

A ‘general administration’ test was also been abolished.  In its place is a provision covering the situation where a non-resident trustee carries on business in the UK.

If a relief is only available to residents, the test is applied at the relevant time.

There may be a charge under TCGA92/S80 where trustees cease to be resident in the UK.

Any liability under TCGA92/S80 is dealt with by HMRC Trusts and Estates, see CG38215.

Although trustees for the purposes of CGT change residence at a particular moment in time, the basic rule for trustees is that if they are resident at any point during the year they are chargeable on all the chargeable gains accruing in the year.