(1) Any income accruing to the estate of a deceased person before there is a beneficiary entitled to the immediate benefit thereof is to be included in the assessable income of the estate and the chargeable income ascertained therefrom is to be charged to tax in the name of the executor.
(2) Any income accruing to the estate of a deceased person on or after the date on which there is a beneficiary entitled to the immediate benefit thereof other than as a legatee, accrues to the beneficiary and is to be included in his or her assessable income.
(3) Where a beneficiary of the estate of a deceased person is a legatee any income accruing in respect of the property of which he or she is the legatee, on or after the earlier of—
(a) the date of the handing over of the property; or
(b) the date of the completion of the administration of the estate,
accrues to such legatee and is to be included in his or her assessable income. (Amended by Act 12 of 2017)
(4) For the purposes of this section—
(a) a beneficiary is entitled to the immediate benefit of any income accrued to the estate of a deceased person on or after the date of completion of the administration of the estate; and
(b) the date of completion of the administration of the estate means the date upon which the whole of the debts relating to the estate of the deceased person have been ascertained and paid or provided for.