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Finance Act 1975

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This is the original version (as it was originally enacted).

Administration period

22(1)Where a person would have been entitled to any interest in possession in the whole or part of the residue of the estate of a deceased person had the administration of that estate been completed, the same consequences shall follow under this Schedule as if he had become entitled to an interest in possesion in the unadministered estate and in the property (if any) representing ascertained residue, or in a corresponding part of it, on the date as from which the whole or part of the income of the residue would have been attributable to his interest had the residue been ascertained immediately after the death of the deceased person.

(2)In this paragraph—

(a)" unadministered estate " means all the property for the time being held by personal representatives as such, excluding property devolving on them otherwise than as assets for the payment of debts and excluding property that is the subject of a specific disposition, and making due allowance for outstanding charges on residue and for any adjustments between capital and income remaining to be made in due course of administration;

(b)" ascertained residue " means property which, having ceased to be held by the personal representatives as such, is held as part of the residue ;

(c)" charges on residue ", and " specific disposition " have the same meanings as in Part )(V of the Taxes Act and the reference to the completion of the administration of an estate shall be construed as if contained in that Part.

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