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Legislation
Income Tax Act 2007

Crossheading Further transactions treated as transfers

  • Section 648 Strips of gilt-edged securities
  • Section 649 New securities issued with extra return
  • Section 650 Trading stock appropriations etc
  • Section 651 Owner becoming entitled to securities as trustee
  • Section 652 Securities ceasing to be held on charitable trusts
  1. Further transactions treated as transfers
  2. Owner becoming entitled to securities as trustee

Section 651 | Owner becoming entitled to securities as trustee

From legislation.gov.uk

(1)This section applies if a person entitled to securities otherwise than as trustee becomes trustee of them.

(2)The person is treated for the purposes of this Chapter as transferring the securities at the time the person becomes trustee of them.

(3)The transfer is treated as being made—

(a)by the person in a capacity other than trustee, and

(b)to the person and, if there are any other trustees, to the others in the capacity of trustees.

(4)See sections 623(2) to (4) and 624(2) to (4) for cases where securities are treated as transferred with or without accrued interest where this section applies.

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