Section 941 UK estates

United Kingdom

(1)

In the case of a UK estate, F1the charge to tax under section 934 is a charge on the amount of estate income treated as arising in the accounting period.

(2)

That amount is the basic amount of that income for the accounting period (see subsection (4)), grossed up by reference to the applicable rate F2... (see section 946).

(3)

The gross amount is treated as having borne income tax by deduction at that rate.

(4)

In this Chapter “the basic amount”, in relation to estate income, has the meaning given by—

(a)

section 943 (basic amount of estate income: absolute interests),

(b)

section 944 (basic amount of estate income: limited interests),

(c)

section 945 (basic amount of estate income: discretionary interests), and

(d)

section 958 (basic amount of estate income: successive limited interests).

Annotations

Textual amendments

F1: Words in s. 941(1) substituted (with effect in relation to accounting periods beginning on or after 1.4.2024) by Finance (No. 2) Act 2023 (c. 30), Sch. 2 paras. 12(3), 14(3)(b)
F2: Words in s. 941(2) omitted (with effect in relation to accounting periods beginning on or after 1.4.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 2 paras. 6(2), 14(2)(b)