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Legislation
Taxation of Chargeable Gains Act 1992

Chapter I Miscellaneous provisions

  • Section 58 Spouses and civil partners.
  • Section 59 Partnerships.
  • Section 59A Limited liability partnerships.
  • Section 59AA Limited liability partnerships: deemed disposal
  • Section 59B Alternative investment fund managers (1)
  • Section 59C Alternative investment managers (2)
  • Section 60 Nominees and bare trustees.
  • Section 61 Funds in court.
  • Section 62 Death: general provisions.
  • Section 63 Death: application of law in Scotland.
  • Section 63A Death: application of law in Northern Ireland
  • Section 64 Expenses in administration of estates and trusts.
  • Section 65 Liability for tax of trustees or personal representatives.
  • Section 66 Insolvents’ assets.
  • Section 67 Provisions applicable where section 79 of the Finance Act 1980 has applied.
  1. Chapter I · Miscellaneous provisions
  2. Nominees and bare trustees.

Section 60 | Nominees and bare trustees.

From legislation.gov.uk

(1)In relation to property held by a person as nominee for another person, or as trustee for another person absolutely entitled as against the trustee, or for any person who would be so entitled but for being an infant or other person under disability (or for 2 or more persons who are or would be jointly so entitled), this Act shall apply as if the property were vested in, and the acts of the nominee or trustee in relation to the property were the acts of, the person or persons for whom he is the nominee or trustee (acquisitions from or disposals to him by that person or persons being disregarded accordingly).F1

(2)It is hereby declared that references in this Act to any property held by a person as trustee for another person absolutely entitled as against the trustee are references to a case where that other person has the exclusive right, subject only to satisfying any outstanding charge, lien or other right of the trustees to resort to the property for payment of duty, taxes, costs or other outgoings, to direct how that property shall be dealt with.F2

Notes

  1. F1

    Word in s. 60(1) substituted (with effect in accordance with Sch. 12 para. 10(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 10(1)

  2. F2

    Word in s. 60(2) substituted (with effect in accordance with Sch. 12 para. 10(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 10(2)

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