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absolute interest


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In ascertaining the income tax treatment of a beneficiary's entitlement to the estate of a deceased person it is first necessary to determine whether the beneficiary has an absolute interest or a limited interest. The beneficiary has an absolute interest in the residuary estate if that residue is payable to him, of right, as soon as the residue has been ascertained (Income Tax (Trading and Other Income) Act 2005 s 650(1)). He has a limited interest if his right to the estate, once ascertained, is only to the income arising from the residue (s 650 (2)).

Subjects: Law.


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