Commentary

I5.1155 Income tax and heritage property generally

IHT, trusts and estates

I5.1155 Income tax and heritage property generally

Income tax and heritage properties

I5.1155 Income tax and heritage property generally

HMRC may give a direction that inheritance tax is not chargeable on a transfer of value into a fund set up for the maintenance of qualifying property1 — see Divisions I7.5.

Without special provisions:

  1.  

    (a)     the income of such a settlement might be treated as the income of the settlor2 — see I5.1125, I5.1130, and

  2.  

    (b)     funds expended on maintenance of the property might be treated as income of the owner or occupier or as capital sums paid for the benefit of the settlor3 — see I5.1135–I5.1140

It

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