[TSEM7608] TSEM7608 – Deceased persons: absolute interests in residue – liability during the administration period (1995-96 onwards)
For 1995-96 onwards rules introduced in Finance Act 1995 apply. The main features of these rules on payments made during the administration period are as follows.
A beneficiary is treated as having received income from an estate only if a payment is made to the beneficiary in the year of assessment concerned. If no payment is made to a beneficiary in the year of assessment, the residuary income is carried forward to the next year.
A beneficiary who receives a payment from the estate is treated as having received as income for that year the lesser of
•the amount actually paid to the beneficiary from the estate in that year, or