2579.This section explains how to calculate the net amount of estate income for successive limited interests. It is based on sections 695 and 698 of ICTA.
2580.The section is the equivalent provision to section 661 for limited interests that are not successive. Essentially, the basic amount of estate income is all the sums referred to in section 674 falling within a particular tax year added together. It is impossible for there to be sums within both section 674(4)(c) and (5)(c) in the same tax year.