Commentary on Sections Part 10: Miscellaneous income Overview Section 953: Introduction
2399.This section introduces the sections dealing with successive interests where two or more interests in the whole or part of the residue of an estate are held successively during the administration period by different persons. It is based on section 698(4) to (6) of ICTA. The income tax rules corresponding to subsections (2) and (3) are rewritten in section 671(7) and (8) of ITTOIA.
2400.Subsection (3) ensures that where a previous holder is not a company within the charge to corporation tax, that person’s accounting periods (for the purposes of this section) correspond with tax years.