CG39014 - Trusts: relief to trustees on death of beneficiary before 31/3/71

FA65/S25 (5) & FA69/SCH19/PARA9

FA65/S24 (2) provided exemption of the first £5,000 gains which were deemed to have arisen on the death of an individual before 31 March 1971. Where the deceased had a life interest in settled property in respect of which the trustees, on his death, became liable to a charge under FA65/S25 (3) or FA65/S25 (4) (later CGTA79/S54 (1) and CGTA79/S55 (1)) any part of the £5,000 exemption due on that death which was not used to cover gains which were deemed to have accrued to the deceased was available for set-off against the chargeable gains less allowable losses of the trustees on that occasion.