Part 9Special rules about settlements and trustees
Chapter 10Heritage maintenance settlements
Application of property for non-heritage purposes: charge to tax
512Charge to tax on some settlements
1
Income tax is charged in respect of a heritage maintenance settlement on any of the occasions described in cases A to D, subject to sections 516 and 517.
2
Case A is where any of the property comprised in the settlement (whether capital or income) is applied otherwise than—
a
for a property maintenance purpose, or
b
as respects income not so applied and not accumulated, for the benefit of a heritage body.
3
Case B is where any of that property, on ceasing to be comprised in the settlement, devolves otherwise than on a heritage body.
4
Case C is where the heritage direction ceases to have effect in respect of the settlement.
5
Case D is where any of the property comprised in the settlement, on ceasing at any time to be comprised in the settlement—
a
devolves on a heritage body, and
b
at or before that time an interest under the settlement is or has been acquired for a consideration in money or money's worth by that or another such body.
6
For the purposes of subsection (5)(b) any acquisition from another such body is to be ignored.