508Election by trustees
(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.