Section 620 | Transactions which are transfers: general

(1)References in this Chapter to the transfer of securities are—

(a)to the transfer of securities by way of sale, exchange, gift or otherwise,

(b)to the conversion of securities in any case where there is no transfer of the securities within paragraph (a),

(c)to the redemption of variable rate securities in any case where there has been a transfer of the securities at any time before redemption, or^F1

(d)to a transaction or event treated as a transfer under—

(i)section 648(1) or (3) (strips of gilt-edged securities),

(ii)section 649(4) (new securities issued with extra return),

(iii)section 650(2), (4) or (6) (trading stock appropriations etc),

(iv)section 651(2) (owner becoming entitled to securities as trustee), or

(v)section 652(2) (securities ceasing to be held on charitable trusts).

(2)But subsection (1)(a) does not include—

(a)the vesting of securities in personal representatives on death, or

(b)the transfer of a security to which Chapter 8 of Part 4 of ITTOIA 2005 applies subject to the rules in sections 454 to 456 of that Act.

(3)For the purposes of this Chapter—

(a)a transfer of securities under an agreement takes place when the agreement is made, and

(b)the person to whom they are to be transferred under the agreement becomes entitled to them at that time.

(4)But in the case of a conversion of securities within subsection (1)(b), the transfer takes place on the day of the conversion.

(5)And in the case of a redemption of securities within subsection (1)(c), the transfer takes place on the day of the redemption.

(6)Subsection (1) is subject to—

section 648(7) (transactions forming part of exchanges concerning strips of gilt-edged securities),

section 653 (stock lending), and

section 655 (transfers under sale and repurchase arrangements).

(7)In this Chapter “conversion”, in relation to securities, has the meaning given by section 132 of TCGA 1992.