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286(1)Amend section 697 (supplementary provisions as to absolute interests in residue) as follows.U.K.
(2)In subsection (2)—
(a)for “person”, in both places, substitute “ company ”, and
(b)for “his”, in both places where it occurs, substitute “ its ”.
(3)In subsection (4), omit the words from “, and the residuary income” to the end of the subsection.
(4)After that subsection insert—
“(5)If the amount resulting from the computation mentioned in subsection (4) is greater than the total amount of the reduction which can be made under subsection (2), the share of the residuary income of the estate of the last previous holder of the interest for the last year in which that person had that interest is to be reduced, and so on.”