Part 2 Low Income Trusts and Estates
Finance (No 2) Act 2023 (2023 c 30) | Legislation

Part 2 Low Income Trusts and Estates

Chapter 1
Income Tax

Low income estates and trusts: tax liability of personal representatives and trustees

10

(1)     Chapter 3 of Part 2 of ITA 2007 (calculation of income tax liability) is amended as follows.

(2)     In section 23 (the calculation of income tax liability), at the end of Step 2 insert—

“See also section 24B which provides that a taxpayer's net income is taken to be £0 in certain cases.â€

(3)     After section 24A insert—

“24B Calculation of net income at Step 2 for low income estates and trusts

(1)     Subsection (2) applies in relation to a taxpayer if—

(a)     they are the personal representative of a deceased person and, ignoring this section, their net income in that capacity at the end of Step 2 of the calculation in section 23 would be equal to or less than the de minimis estates amount, or

(b)     they are the trustee of a settlement (“the relevant settlementâ€) and, ignoring this section, their net income in that capacity at the end of that Step would be equal to or less than the de minimis trusts amount.

(2)     The taxpayer's net income in

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