671 Successive absolute interests
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

Special rules for successive interests

671  Successive absolute interests

(1)     This section applies if two or more absolute interests in the whole or the same part of the residue of an estate are held successively during the administration period by different persons.

(2)     In determining whether a person with a later such interest (“the later holder”) has an assumed income entitlement in respect of that interest and, if so, its amount—

(a)     the later holder's share of the residuary income of the estate in respect of that interest for any tax year is to be treated as including the share of any person with a previous such interest (“a previous

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