Taxation of Chargeable Gains Act 1992 section 65

Liability for tax of trustees or personal representatives

Section 65 deals with how capital gains tax is assessed and charged on trustees of a settlement or personal representatives of a deceased person, and clarifies that such gains are not attributed to other persons.

• Capital gains tax on chargeable gains of trustees or personal representatives can be assessed and charged on any one or more of the relevant trustees or personal representatives for the year the gains arise, as well as any subsequent trustees or personal representatives.
• Chargeable gains accruing to trustees or personal representatives are not treated as accruing to any other person, and capital gains tax charged in their name is not regarded as chargeable on anyone else — unless specific exceptions apply (such as the rules for nominees and bare trustees).
• Trustees and personal representatives are not treated as individuals for capital gains tax purposes, meaning they are taxed under the rules applicable to trusts and estates rather than the rules for individual taxpayers.
• Where trustees migrate (cease to be UK resident), a former trustee who left before the end of the relevant period and who can demonstrate there was no proposal at that time for the trustees to leave the UK cannot be made liable for the capital gains tax charge arising on the migration.