Part 9Special rules about settlements and trustees
Chapter 10Heritage maintenance settlements
Application of property for non-heritage purposes: charge to tax
513Income charged
1
Tax is charged under section 512 on the whole of the income—
a
which has arisen in the relevant period from the property comprised in the settlement, and
b
which has not been applied (whether or not it has been first accumulated) for a property maintenance purpose or for the benefit of a heritage body.
2
In this section “relevant period” means—
a
if tax has become chargeable under section 512 in respect of the settlement on a previous occasion, the period since the last occasion, and
b
in any other case, the period since the settlement took effect.
3
Tax charged under section 512 is in addition to any tax otherwise chargeable.
4
All the provisions of the Income Tax Acts relating to assessments and to the collection and recovery of income tax (so far as applicable) are to apply to that charge.