Section 226B — Taxation of Chargeable Gains Act 1992: Exception to section 226A

Exception to section 226A 226B 1 Section 226A shall not apply in relation to a later disposal made by the trustees of a settlement if the trustees have elected that section 508 of ITA 2007 (trustees’ election in respect of income arising from heritage maintenance property) shall have effect in the case of—

a the settlement, or b any part of the settlement, in relation to each year of assessment in which a relevant earlier disposal is made.

2 In this section “ relevant earlier disposal ”, in relation to a later disposal, means an earlier disposal in respect of which a claim mentioned in section 226A(1)(c) is made.

3 This section is to be construed as one with section 226A.