Section 513 — Income Tax Act 2007: Income charged

Income charged 513 1 Tax is charged under section 512 on the whole of the income—

a which has arisen in the relevant period from the property comprised in the settlement, and b which has not been applied (whether or not it has been first accumulated) for a property maintenance purpose or for the benefit of a heritage body.

2 In this section “ relevant period ” means—

a if tax has become chargeable under section 512 in respect of the settlement on a previous occasion, the period since the last occasion, and b in any other case, the period since the settlement took effect.

3 Tax charged under section 512 is in addition to any tax otherwise chargeable.

4 All the provisions of the Income Tax Acts relating to assessments and to the collection and recovery of income tax (so far as applicable) are to apply to that charge.