Section EW 60 — Income Tax Act 2007: Trustee of deceased’s estate

EW 60 Trustee of deceased’s estate When trustee of estate is cash basis person (1) A trustee of a deceased’s estate is a cash basis person for financial arrangements in the estate in the circumstances described in subsection (2) for the period described in subsection (3). Circumstances (2) The circumstances are that, at the time of the deceased’s death,— (a) the deceased is a cash basis person; and (b) the financial arrangements in the deceased’s estate meet the requirements of section EW 54(1)(a) and (b) . Period (3) The period is the income year in which the deceased dies and in each of the 4 following income years. However, if at any time in those 5 income years the financial arrangements in the deceased’s estate cease to meet the requirements of section EW 54(1)(a) and (b) , the trustee ceases to be a cash basis person for financial arrangements in the estate and cannot again be a cash basis person for them. Modifications to be read in (4) For the purposes of this section, sections EW 54 and EW 55 are read with the modifications necessary to make them refer to the case of a deceased estate. Defined in this Act: cash basis person , financial arrangement , income year , trustee , Compare: 2004 No 35 s EW 60 Section EW 60(2)(b): amended, on 1 April 2009, by section 14(1) of the Taxation (Business Tax Measures) Act 2009 (2009 No 5). Section EW 60(3): amended, on 1 April 2009, by section 14(1) of the Taxation (Business Tax Measures) Act 2009 (2009 No 5). Section EW 60(4): amended, on 1 April 2009, by section 14(2) of the Taxation (Business Tax Measures) Act 2009 (2009 No 5).