CG66645 - Gifts: charity absolutely entitled

TCGA92/S257 (3)

Where trustees are treated under TCGA92/S71 (1) as though they had disposed of and reacquired the assets in the trust and the whole of the assets are now held exclusively for the benefit of a charity or other body then you have a no gain/no loss result.

If only some proportion of the assets in the trust are now held for a charity, then you apply a no gain/no loss result to a corresponding proportion of each of the assets.

This does not apply on the termination of a life interest on the death of the holder. CG36450+ tell you about life tenancies.