TSEM3615 - Trust income and gains: trustees - general reliefs

Trustees are entitled to claim the general reliefs available. These include:

  • loss relief for 鈥榩ersons鈥� but not for 鈥榠ndividuals鈥� in (ITA Part 4)
  • overpayment relief (TMA70/S33 and Schedule 1AB, FA 2009 Section 100 and Schedule 52) FA 2009)- see SACM12005.听
  • capital allowances

Capital gains tax

If a relief is for individuals, trustees do not qualify. This is because they are a single and continuing body of persons, distinct from the persons who may be the trustees. See ITA/S474 and TCGA92/S69 (1).

Some reliefs have special conditions applying to trustees, for example TCGA92/ S225, private residence relief.

Other reliefs refer to persons. If so, then provided the relevant conditions are met, trustees are entitled to relief. This is because 鈥榩erson鈥� generally includes 鈥榖ody of persons鈥�.

Where the trust is a settlor interested trust, the trustees or their duly authorised agent must make any CGT claim. They are given by reference to the trustees鈥� circumstances.