Section 640 | Small holdings: personal representatives

(1)In relation to a transfer with accrued interest or transfer without accrued interest of securities that form part of a deceased person's estate, the deceased's personal representatives are an excluded transferor or excluded transferee unless the nominal value of securities held by the deceased's personal representatives as such exceeds £5,000 on any day—

(a)in the tax year in which the interest period ends, or

(b)in the previous tax year.

(2)In relation to a transfer with unrealised interest of securities that form part of a deceased person's estate, the deceased's personal representatives are an excluded transferor or excluded transferee unless the nominal value of securities held by the deceased's personal representatives as such exceeds £5,000 on any day—

(a)in the tax year in which the settlement day falls, or

(b)in the previous tax year.

(3)In relation to a transfer of variable rate securities that form part of a deceased person's estate, the deceased's personal representatives are an excluded transferor unless the nominal value of securities held by the deceased's personal representatives as such exceeds £5,000 on any day in the relevant tax year or the previous tax year.

(4)In subsection (3) “the relevant tax year” has the meaning given by section 639(4).