Section 507 — Income Tax Act 2007: Overview of Chapter

Overview of Chapter 507 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.