Explanatory Notes

Income Tax (Trading and Other Income) Act 2005

2005 CHAPTER 5

24 March 2005

Commentary on Sections

Part 5: Miscellaneous income

Chapter 6: Beneficiaries’ income from estates in administration
Section 670: Applicable rate for determining assumed income entitlement (UK estates)

2554.This section sets out the calculation of the applicable rate for the purposes of calculating income tax to be deducted from the residuary income in step 2 of section 665(1). The section is based on section 701 of ICTA.