1011. Entitlement to fixed income.

Where the part of the income of any property to which a person is entitled is a specified amount1 (or the whole less a specified amount2) in any period, his interest in the property is taken3 to subsist in such part (or in the whole less such part) of the property as produces that amount in that period4.

Where inheritance tax is chargeable on the amount so arrived at (but not where chargeable transfers are made simultaneously and tax is chargeable by reference to the values of both that part of the settled property and on the remainder) the Treasury