Taxation of Chargeable Gains Act 1992 Schedule 4A paragraph 14

Exception: maintenance funds for historic buildings

Paragraph 14 provides an exception from the Schedule 4A rules for settlements where the trustees have made a heritage maintenance election.

• Where trustees have elected under section 508 of the Income Tax Act 2007, the Schedule 4A rules are disapplied
• The election relates to income arising from heritage maintenance property held within a settlement
• The exception can apply to the whole settlement or to a specific part of it
• The disapplication operates on a year-by-year basis, applying only for the year of assessment in which the election has effect