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The CGT liability arising on the transfer into settlement may be held-over under TCGA 1992, s 165 (if the assets disposed of consist of certain business or agricultural property) or under TCGA 1992, s 260 (eg in the case of a disposal which is also an IHT chargeable transfer) (see I3.612–I3.613A). Hence, CGT attributable to the disposal into settlement will only be payable when the trustees dispose of the property (or are deemed to dispose of the property) or cease to be resident in the UK. In these circumstances, the value transferred cannot be reduced by the CGT liability since that liability has not crystallised at the relevant time. When, however, that liability does fall in by reason of the trustees' disposal (or deemed disposal) of the property (ie not on their emigration; see I5.1217), the trustees' chargeable gain will be reduced by any IHT attributable to the property (whether that IHT was paid by the settlor or the trustees and whether the charge to IHT arose immediately on the transfer into settlement or by reason of the