Section 226B Exception to section 226AF1

United Kingdom

(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 F2508 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.

Annotations

Textual amendments

F1: Ss. 226A, 226B inserted (with effect in accordance with Sch. 22 paras. 7(3)(4), 8 of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 6
F2: Words in s. 226B(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 323 (with Sch. 2)