Inheritance Tax Act 1984

91 Administration period. U.K.

(1) Where a person would have been entitled to an interest in possession in the whole or part of the residue of the estate of a deceased person had the administration of that estate been completed, the same consequences shall follow under this Act as if he had become entitled to an interest in possession in the unadministered estate and in the property (if any) representing ascertained residue, or in a corresponding part of it, on the date as from which the whole or part of the income of the residue would have been attributable to his interest had the residue been ascertained immediately after the death of the deceased person.

(2) In this section—

(a) “unadministered estate” means all the property for the time being held by personal representatives as such, excluding property devolving on them otherwise than as assets for the payment of debts and excluding property that is the subject of a specific disposition, and making due allowance for outstanding charges on residue and for any adjustments between capital and income remaining to be made in due course of administration;

(b) “ascertained residue” means property which, having ceased to be held by the personal representatives as such, is held as part of the residue;

(c) “charges on residue”, and “specific disposition” have the same meanings as in [F1 Part XVI of The Taxes Act 1988] and the reference to the completion of the administration of an estate shall be construed as if contained in that Part.

Textual Amendments

F1 Substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29, para. 32.Originally

“Part XV of The Taxes Act”.