The guidance about absolute interests in residue at TSEM7602-TSEM7608 uses the term residuary income. This is a measure of the deemed income of the beneficiary. In practice you will rarely need to compute it but you may need to know how this is done.

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 the year (ITTOIA 2005/s666 for non-corporate beneficiaries and CTA 2009/s949 for corporate beneficiaries).

Aggregate income

The aggregate income includes -

the income of the personal representatives charged to UK income tax taking into account allowable deductions

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