Section 675 | The holding of securities

(1)For the purposes of this Chapter, a person holds securities—

(a)at a particular time if the person is entitled to them at that time, and

(b)on a particular day if the person is entitled to them throughout that day or becomes and does not cease to be entitled to them on that day.

(2)A person acquires securities when the person becomes entitled to them.

(3)If a Scottish partnership carries on a trade or business—

(a)any partnership dealings are treated as dealings by the partners and not by the partnership as such, and

(b)the partners are treated as being entitled to securities held by the partnership.