# Income Tax Act 2007, Section 512: Charge to tax on some settlements


(1) Income tax is charged in respect of a heritage maintenance settlement on any of the occasions described in cases A to D, subject to sections 516 and 517.
(2) Case A is where any of the property comprised in the settlement (whether capital or income) is applied otherwise than—
(a) for a property maintenance purpose, or
(b) as respects income not so applied and not accumulated, for the benefit of a heritage body.
(3) Case B is where any of that property, on ceasing to be comprised in the settlement, devolves otherwise than on a heritage body.
(4) Case C is where the heritage direction ceases to have effect in respect of the settlement.
(5) Case D is where any of the property comprised in the settlement, on ceasing at any time to be comprised in the settlement—
(a) devolves on a heritage body, and
(b) at or before that time an interest under the settlement is or has been acquired for a consideration in money or money's worth by that or another such body.
(6) For the purposes of subsection (5)(b) any acquisition from another such body is to be ignored.

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Source: https://www.legislation.gov.uk/ukpga/2007/3/section/512 (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-512
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.