Income Tax Act 2007 section 514

Persons liable

Section 514 identifies who is liable to pay the income tax charge that arises under section 512 in relation to heritage maintenance settlements.

• The tax charge under section 512 applies to certain heritage maintenance settlements
• The trustees of the settlement are the persons liable for any tax charged
• Liability falls on the trustees rather than on any beneficiary or other party
• This ensures there is a clearly identified party responsible for meeting the tax obligation