Where a beneficiary has an absolute interest in residue (see I4.543), the basic amount of estate income attributable to him depends on the amount of the residuary income of the estate1.
The 'residuary income' of the estate for a tax year means the aggregate income (see I4.541) reduced by the following amounts (provided they are not allowable in computing aggregate income)2:
- Ìý
(a)ÌýÌýÌýÌý all interest payable in that year by the PRs, other than interest on unpaid inheritance tax3
- Ìý
(b)ÌýÌýÌýÌý all annual payments for that year which are properly
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