Section 939 — Corporation Tax Act 2009: Limited interests in residue

Limited interests in residue 939 1 Income is treated as arising in an accounting period from a company's limited interest in the whole or part of the residue of an estate in cases A, B and C.

2 Case A is where—

a the interest has not ceased before the beginning of the accounting period, and b a sum is paid in respect of the interest in that period and before the end of the administration period.

3 Case B is where—

a the accounting period is the final accounting period, b the interest has not ceased before the beginning of that period, and c a sum remains payable in respect of the interest at the end of the administration period.

4 Case C is where—

a the accounting period is a period before the final accounting period, b the interest ceases in the accounting period, and c a sum is paid in respect of the interest in a later accounting period but before the end of the administration period, or remains payable in respect of it at the end of the administration period.

5 This section does not apply to limited interests to which section 957 (successive interests: holders of limited interests) applies.

6 Income treated as arising as a result of this section or section 957 is estate income for the purposes of this Chapter.