http://www.legislation.gov.uk/ukpga/2009/4/section/948Corporation Tax Act 2009An Act to restate, with minor changes, certain enactments relating to corporation tax; and for connected purposes.texttext/xmlenStatute Law Database2026-04-18Expert Participation2026-04-01 Corporation Tax Act 2009s. 1094(2A)-(2C)Finance Act 2012Sch. 3 para. 13(3)Corporation Tax Act 2009s. 1106(4A)-(4C)Finance Act 2012Sch. 3 para. 14(3)Corporation Tax Act 2009s. 322(2A)(zb)Finance Act 2016s. 73(5)Corporation Tax Act 2009s. 145(6)(e) and wordPlanning (Consequential Provisions) (Wales) Act 2026Deddf Cynllunio (Darpariaethau Canlyniadol) (Cymru) 2026Sch. 2 para. 400(b)Sch. 5 Pt. 1s. 5(2)Corporation Tax Act 2009s. 1058B(5)(ea)Neonatal Care (Leave and Pay) Act 2023Sch. para. 57s. 3(3)reg. 2 Part 10Chapter 39481Whether a company has an assumed income entitlement for an accounting period in respect of an absolute interest in the whole or part of the residue of an estate depends on the results of the following steps.Step 1Find the amount of the company's share of the residuary income of the estate that is attributable to that interest for that accounting period and each previous accounting period during which the company had that interest (see sections 949 to 951).Step 2If the estate is a UK estate in relation to any tax year by reference to which the amount of that share for any accounting period is determined under section 950, deduct from that amount income tax on that amount at the applicable rate for that year (see section 952).Step 3Add together the amounts found under step 1 after making any deductions necessary under step 2.Step 4Add together the basic amounts relating to the company's absolute interest in respect of which the company was liable for corporation tax for all previous accounting periods (or would have been so liable if the company had been a company liable for corporation tax for those accounting periods).2For the purposes of this Chapter the company has an assumed income entitlement for the accounting period if the amount resulting from step 3 exceeds the amount resulting from step 4.3The assumed income entitlement is equal to the excess.4This section is subject to—section 954 (successive absolute interests), andsection 955 (successive interests: assumed income entitlement of holder of absolute interest following limited interest).