I5.1155 Income tax and heritage property generally
HMRC may give a direction that inheritance tax is not chargeable on a transfer of value into a fund set up for the maintenance of qualifying property1 — see Divisions I7.5.
Without special provisions:
- Ìý
(a)ÌýÌýÌýÌý the income of such a settlement might be treated as the income of the settlor2 — see I5.1125, I5.1130, and
- Ìý
(b)ÌýÌýÌýÌý funds expended on maintenance of the property might be treated as income of the owner or occupier or as capital sums paid for the benefit of the settlor3 — see I5.1135–I5.1140
It is therefore provided that, for any year, the trustees of such a fund (but not the settlor) may elect that the income of the fund or the expenditure on maintenance
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 15:34