Part 9Special rules about settlements and trustees
Chapter 10Heritage maintenance settlements
Absence of election and income treated as income of settlor: special rules
511Prevention of double taxation: reimbursement of settlor
1
This section applies to income arising from heritage maintenance property if—
a
the income is treated under Chapter 5 of Part 5 of ITTOIA 2005 as income of the settlor,
b
the income is applied in reimbursing the settlor for expenditure incurred by the settlor for a property maintenance purpose, and
c
the expenditure is deductible in calculating the profits of—
i
a trade, or
ii
a UK property business,
carried on by the settlor.
2
Any such income—
a
is not to be brought into account as a receipt in calculating the profits of that trade or business, and
b
is not to be treated as income of the settlor otherwise than under Chapter 5 of Part 5 of ITTOIA 2005.