934Charge to tax on estate incomeU.K.
(1)The charge to corporation tax on income applies to estate income.
[F1(1A)But corporation tax is not charged on estate income so far as that income consists of a basic amount which section 962 treats as having been paid from de minimis aggregate income.
(1B)In subsection (1A), “de minimis aggregate income” means aggregate income of an estate which is treated as bearing income tax at 0% because of section 963(1A).]
(2)In this Chapter—
“estate” means the estate of a deceased person (whether a UK estate or a foreign estate), and
“estate income” means the income treated under this Chapter as arising from an absolute, limited or discretionary interest in the whole or part of the residue of an estate.
(3)If different parts of an estate are subject to different residuary dispositions, those parts are treated for the purposes of this Chapter as if they were separate estates.
Textual Amendments
F1S. 934(1A)(1B) inserted (with effect in relation to accounting periods beginning on or after 1.4.2024) by Finance (No. 2) Act 2023 (c. 30), Sch. 2 paras. 12(2), 14(3)(b)