Section 511 — Income Tax Act 2007: Prevention of double taxation: reimbursement of settlor

Prevention of double taxation: reimbursement of settlor 511 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.