Section 226B | Exception to section 226A ^F1

(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 508 of ITA 2007 (trustees’ election in respect of income arising from heritage maintenance property) shall have effect in the case of—^F1F2

(a)the settlement, or^F1

(b)any part of the settlement,^F1

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.^F1

(3)This section is to be construed as one with section 226A.^F1