A settlement constituting a maintenance fund may provide for property forming part of the fund to be applied otherwise than for these objects after an initial period of six years from the date the property entered the fund1 — see I7.541–I7.545.
Accordingly, where property which forms part of a maintenance fund is applied otherwise than for the maintenance of qualifying property or for the benefit of a charity or listed body, or passes to a person other than a charity or listed body, or where the heritage direction ceases to have effect, there is a further charge to income tax on the trustees of the fund2.
The further charge is at the additional
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