Part 10Miscellaneous income
Chapter 3Beneficiaries' income from estates in administration
Income charged
941UK estates
1
In the case of a UK estate, tax is charged under section 934 on the amount of estate income treated as arising in the accounting period.
2
That amount is the basic amount of that income for the accounting period (see subsection (4)), grossed up by reference to the applicable rate F1... (see section 946).
3
The gross amount is treated as having borne income tax by deduction at that rate.
4
In this Chapter “the basic amount”, in relation to estate income, has the meaning given by—
a
section 943 (basic amount of estate income: absolute interests),
b
section 944 (basic amount of estate income: limited interests),
c
section 945 (basic amount of estate income: discretionary interests), and
d
section 958 (basic amount of estate income: successive limited interests).
942Foreign estates
1
In the case of a foreign estate, tax is charged under section 934 on the amount of estate income treated as arising in the accounting period.
2
That amount depends on whether the estate income arising in the accounting period is paid from sums within section 963(3) or (4) (sums treated as bearing income tax).
3
So far as the estate income is paid from such sums, that amount is the basic amount of that income for the accounting period grossed up by reference to the applicable rate F2... (see section 946).
4
That gross amount is treated as having borne income tax by deduction at that rate.
5
So far as the estate income is not paid from sums within section 963(3) or (4), the amount of estate income treated as arising in the accounting period is the basic amount of that income for that period.