I7.542 Maintenance funds—conditions for relief
The particular aspects with which the Board are concerned are as follows1.
• Nature of property settled
The property must be of a character and amount appropriate for the purposes of the trust2. In particular, it must not be excessive in relation to the likely expenditure, and assets providing little or no income are unsuitable, particularly if their own maintenance might make excessive demands upon the fund. Capital Taxes will seek advice from the District Valuer regarding the likely costs of maintaining the heritage property concerned and the estimated income which the maintenance fund property will be capable of producing3. It is possible for a small initial fund to be accepted in practice, provided there is sufficient evidence of an intention to settle further funds at a later stage4
• The trustees
The trustees must be approved by the Board and must include a trust corporation (ie a person satisfying the definition in the Law of Property Act 1925 or Article 9 of the Administration of Estates Act (Northern Ireland) Order 1979), a solicitor, a member of an incorporated society of accountants or a member of such other professional body as the Board may allow. They must also be resident in the UK, which means that the general administration of the trusts must ordinarily be carried on in the UK and the trustees or a majority of them (and where there is more than one class, a majority of each class) are resident in the
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial