582. Trustees' election in respect of income.

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.  

    (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.  

    (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: