The trustees of a settlement which comprises property in relation to which a heritage direction1 has been made may elect that the following provisions are to have effect in relation to any tax year2 and, if they do so:
(1) any income arising in that year from the property comprised in the settlement which would otherwise be treated3 as income of the settlor is not so treated; and
(2) any sum applied in that year out of the property for a property maintenance purpose4, which would otherwise be treated for income tax purposes as the income of any person:
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