Part 5

Miscellaneous income
Chapter 6

Beneficiaries' income from estates in administration

General

Transfers of assets etc. treated as payments
681
1
For the purposes of this Chapter—
a
a transfer of assets, or
b
the appropriation of assets by personal representatives to themselves,
is treated as the payment of an amount equal to the assets' value at the date of transfer or appropriation.
2
The set off or release of a debt is treated for the purposes of this Chapter as the payment of an amount equal to it.
3
If at the end of the administration period—
a
there is an obligation to transfer assets to any person, or
b
personal representatives are entitled to appropriate assets to themselves,
an amount equal to the assets' value at that time is treated as payable then for the purposes of this Chapter.
4
If at the end of the administration period—
a
there is an obligation to release or set off a debt owed by any person, or
b
personal representatives are entitled to release or set off a debt in their own favour,
a sum equal to the debt is treated as payable then for the purposes of this Chapter.