Part 9Special rules about settlements and trustees

Chapter 10Heritage maintenance settlements

Introduction

507Overview of Chapter

1

This Chapter makes provision about income arising from heritage maintenance property comprised in a heritage maintenance settlement.

2

In this Chapter—

  • “heritage body” means a body or charity of a kind mentioned in paragraph 3(1)(a)(ii) of Schedule 4 to IHTA 1984 (maintenance funds for historic buildings etc),

  • “heritage direction” means a direction under paragraph 1 of that Schedule,

  • “heritage maintenance property” means any property in respect of which a heritage direction has effect,

  • “heritage maintenance settlement” means a settlement which comprises heritage maintenance property, and

  • “property maintenance purpose” means any of the purposes mentioned in paragraph 3(1)(a)(i) of that Schedule.

3

If a settlement comprises both heritage maintenance property and other property, the heritage maintenance property and the other property are treated as comprised in separate settlements for the purposes of Chapters 2 to 8 of this Part and the following provisions—

a

sections 64 to 66 and sections 75 to 79 (trade loss relief against general income),

b

sections 83 to 88 (carry-forward trade loss relief), and

c

Chapter 5 of Part 5 of ITTOIA 2005.