s 511 Prevention of double taxation: reimbursement of settlor
(1) This section applies to income arising from heritage maintenance property if— (a) the income is treated under Chapter 5 of Part 5 of ITTOIA 2005 as income of the settlor, (b) the income is applied in reimbursing the settlor for expenditure incurred by the settlor for a property maintenance purpose, and (c) the expenditure is deductible in calculating the profits of— (i) a trade, or (ii) a UK property business, carried on by the settlor. (2) Any such income— (a) is not to be brought into account as a receipt in calculating the profits of that trade or business, and (b) is not to be treated as income of the settlor otherwise than under Chapter 5 of Part 5 of ITTOIA 2005.