Section 511 | Prevention of double taxation: reimbursement of settlor

(1)This section applies to income arising from heritage maintenance property if—

(a)the income is treated under Chapter 5 of Part 5 of ITTOIA 2005 as income of the settlor,

(b)the income is applied in reimbursing the settlor for expenditure incurred by the settlor for a property maintenance purpose, and

(c)the expenditure is deductible in calculating the profits of—

(i)a trade, or

(ii)a UK property business,

carried on by the settlor.

(2)Any such income—

(a)is not to be brought into account as a receipt in calculating the profits of that trade or business, and

(b)is not to be treated as income of the settlor otherwise than under Chapter 5 of Part 5 of ITTOIA 2005.