Introduction Summary
1.Section 63 amends existing anti-avoidance provisions to remove an anomaly. Settlors of certain types of heritage maintenance funds (HMFs) (also known as heritage maintenance settlements) are currently only eligible for a targeted relief from capital gains tax in respect of transfers of property into the trust if the trustees make an election under a statutory procedure. This can result in payments by the trust effectively being charged to income tax twice. The amendment made by the section prevents this happening.