(1)In the case of a UK estate, tax is charged under section 934 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 for the relevant tax year (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).