[24B Calculation of net income at Step 2 for low income estates and trusts]
Income Tax Act 2007 (2007 c 3) | Legislation

[24B  Calculation of net income at Step 2 for low income estates and trusts]

[(1)     Subsection (2) applies in relation to a taxpayer if—

(a)     they are the personal representative of a deceased person and, ignoring this section, their net income in that capacity at the end of Step 2 of the calculation in section 23 would be equal to or less than the de minimis estates amount, or

(b)     they are the trustee of a settlement (“the relevant settlement”) and, ignoring this section, their net income in that capacity at the end of that Step would be equal to or less than the de minimis trusts amount.

(2)     The taxpayer's net income in their capacity as a personal representative of

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