Section 950 — Corporation Tax Act 2009: Shares of residuary income of estate

Shares of residuary income of estate 950 1 In the case of a company which has an absolute interest in the whole of the residue of an estate for a whole tax year, the company's share of the residuary income of the estate in respect of that interest for that year is equal to the whole of that income for that year.

2 In the case of a company which—

a has an absolute interest in the whole of the residue of an estate for part of the tax year, or b an absolute interest in part of the residue of an estate for the whole or part of the tax year, the company's share of the residuary income of the estate for that year is a proportionate part of that income for that year.

3 The company's share of the residuary income of an estate in respect of an absolute interest for each of the accounting periods (if more than one) comprising a tax year is found by apportioning the company's share of the residuary income of the estate for that year between the accounting periods.

4 Subsections (1) and (2) are subject to section 951 (reduction in share of residuary income of estate).