Finance (No. 2) Act 2023 (c. 30)

Schedules

Schedule 2 U.K. Estates in administration and trusts

Part 1 U.K. Estates in administration

Chapter 1 U.K. Income tax

Income from stock dividends etc treated as bearing income tax at 0% U.K.

3 (1) Chapter 6 of Part 5 of ITTOIA 2005 (beneficiaries' income from estates in administration) is amended as follows.

(2) In section 670 (applicable rate for determining assumed income entitlement (UK estates)) omit subsection (4A).

(3) In section 680 (income treated as bearing income tax)—

(a) in subsection (2), after “within subsection” insert “(2A) or”;

(b) after subsection (2) insert—

“(2A) A sum that is part of the aggregate income of the estate because of falling within section 664(2)(c) (stock dividends) or (d) (release of loans to participator in close company: loans and advances to persons who die) is treated as bearing income tax at 0%.”