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Nature of property settled

The property must be of a character and amount appropriate for the purposes of the trust². In particular, it must not be excessive in relation to the likely expenditure, and assets providing little or no income are unsuitable, particularly if their own maintenance might make excessive demands upon the fund.

HMRC will seek advice from the District Valuer regarding the likely costs of maintaining the heritage property concerned and the estimated income which the maintenance fund property will be capable of producing³. It is possible for a small initial fund to be accepted in practice, provided there is sufficient evidence of an intention to settle further funds at a later stage⁴

The trustees

The trustees must be approved by the Board and must include a trust corporation (ie a person satisfying the definition in the Law of Property Act 1925 or Article 9 of the Administration of Estates Act (Northern Ireland)