Income Tax Act 2007 section 513

Income charged

Section 513 defines which income is subject to the heritage maintenance settlement tax charge under section 512, and over what period that income is measured.

• The charge applies to all income arising from property held within the settlement during the relevant period, except income that has been applied for property maintenance purposes or for the benefit of a heritage body
• The "relevant period" runs from either the date of the last section 512 charge (if there has been one before) or, if not, from the date the settlement first took effect
• The tax charged under section 512 is additional to any other income tax that may already be due on the same income — there is no credit or offset for tax charged on another basis
• All standard Income Tax Acts provisions for assessments, collection and recovery of income tax apply to this charge