Section 656 | Income charged: UK estates

(1)In the case of a UK estate, the charge to tax under section 649 is a charge on the amount of estate income treated as arising in the tax year.^F1

(2)That amount is the basic amount of that income for the tax year (see subsection (4)) grossed up by reference to the applicable rate ... (see section 663).^F2

(3)The gross amount is treated as having borne income tax at that rate.

(4)In this Chapter “the basic amount”, in relation to estate income, has the meaning given by—

(a)section 660 (basic amount of estate income: absolute interests),

(b)section 661 (basic amount of estate income: limited interests),

(c)section 662 (basic amount of estate income: discretionary interests), and

(d)section 675 (basic amount of estate income: successive limited interests).