546. Calculating basic income: absolute interest.

The basic amount of estate income relating to a person's or company's absolute interest1 in the whole or part of the residue of an estate for a tax year or accounting period2 before the final tax year or final accounting period3 is the lower of: (1) the total of all sums paid4 in the tax year or accounting period in respect of that interest; and (2) the amount of the person's or company's assumed income entitlement5 for the tax year or accounting period in respect of it6.

The basic amount for the final tax year or accounting period is equal