(1)The trustees of a heritage maintenance settlement may elect for this section to have effect for a tax year.
(2)If an election under subsection (1) has effect for a tax year, the rules in subsections (3) and (4) apply.
(3)Income arising in the year from the heritage maintenance property comprised in the settlement, which would otherwise be treated as income of the settlor under Chapter 5 of Part 5 of ITTOIA 2005, is not to be so treated.
(4)Any sum applied out of the heritage maintenance property in the year for a property maintenance purpose, which would otherwise be treated for income tax purposes as the income of a person—
(a)because of the person's interest in (or occupation of) the property in respect of which the sum is applied, or
(b)under section 633 of ITTOIA 2005 (capital sums paid to settlor by trustees of settlement),
is not to be so treated.
(5)An election under subsection (1) must be made on or before the first anniversary of the normal self-assessment filing date for the tax year to which it relates.
(1)If a change of circumstances arises during a tax year—
(a)the part of the year before the change and the part of the year after the change are to be treated as separate tax years for the purposes of section 508, this section and section 510, and
(b)separate elections under section 508(1) may be made for each part.
(2)A change of circumstances arises if conditions A and B are met.
(3)Condition A is that for any part of the tax year—
(a)a heritage direction has effect, and
(b)income arising from the heritage maintenance property comprised in the settlement is treated as income of the settlor under Chapter 5 of Part 5 of ITTOIA 2005.
(4)Condition B is that for the remaining part of the year one or both of the following paragraphs applies—
(a)no heritage direction has effect, and
(b)no income arising from property comprised in the settlement is treated as income of the settlor under Chapter 5 of Part 5 of ITTOIA 2005.