Related Commentary  Related HMRC Manuals

666(1)  For the purposes of this Chapter the residuary income of an estate for a tax year is the aggregate income of the estate for that year, less the allowable estate deductions for that year.

This is subject to section 669 (reduction in residuary income: inheritance tax on accrued income).

666(2)  The allowable estate deductions for a tax year are–

(a)all interest paid in that year by the personal representatives in that capacity (but see section 233 of IHTA 1984: exclusion of interest on unpaid inheritance tax),

(b)all annual payments for that year which are properly payable out of residue,

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