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Annual exempt amount

Trustees are entitled to an annual exempt amount equal to one-half of the exempt amount for individuals¹ unless the settlement is for the benefit of a disabled person, in which case the full individual's annual exemption is available².

Where there is more than one settlement made by the same settlor, the exemption is the greater of³:

1. Ìý

   •ÌýÌýÌýÌý one-tenth of the exempt amount for individuals, and

2. Ìý

   •ÌýÌýÌýÌý the exempt amount divided by the number of qualifying UK settlements

A 'qualifying UK settlement' for this purpose is one:

1. Ìý

   •ÌýÌýÌýÌý made after 6 June 1978⁴

2. Ìý

   •ÌýÌýÌýÌý whose trustees are resident in the UK during any part of the tax year⁵, and

3. Ìý

   •ÌýÌýÌýÌý in which the property is not held for a charitable or pension purpose⁶ (ie for the purposes of a registered pension scheme, a superannuation fund or an occupational pension scheme⁷).

Where the trustees have made a sub-fund election (see I5.1020),