Part 10Miscellaneous income
Chapter 3Beneficiaries' income from estates in administration
Types of estate income
939Limited interests in residue
1
Income is treated as arising in an accounting period from a company's limited interest in the whole or part of the residue of an estate in cases A, B and C.
2
Case A is where—
a
the interest has not ceased before the beginning of the accounting period, and
b
a sum is paid in respect of the interest in that period and before the end of the administration period.
3
Case B is where—
a
the accounting period is the final accounting period,
b
the interest has not ceased before the beginning of that period, and
c
a sum remains payable in respect of the interest at the end of the administration period.
4
Case C is where—
a
the accounting period is a period before the final accounting period,
b
the interest ceases in the accounting period, and
c
a sum is paid in respect of the interest in a later accounting period but before the end of the administration period, or remains payable in respect of it at the end of the administration period.
5
This section does not apply to limited interests to which section 957 (successive interests: holders of limited interests) applies.
6
Income treated as arising as a result of this section or section 957 is estate income for the purposes of this Chapter.