651Owner becoming entitled to securities as trusteeU.K.
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(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.