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Income and Corporation Taxes Act 1988, Section 721 is up to date with all changes known to be in force on or before 14 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)M1Where an individual who is entitled to securities dies, he shall be treated for the purposes of sections 710 to 728 as transferring the securities to his personal representatives immediately before his death.
(2)Where the securities are transferred with accrued interest by the personal representatives to a legatee in the interest period in which the individual died—
(a)section 713 shall not apply to the transfer, and
(b)the transfer of the securities which the individual is treated as making by virtue of subsection (1) above shall be treated as made to the legatee (and not to the personal representatives).
(3)In subsection (2) above “legatee” includes any person taking (whether beneficially or as trustee) under a testamentary disposition or on an intestacy or partial intestacy, including any person taking by virtue of an appropriation by the personal representatives in or towards satisfaction of a legacy or other interest or share in the deceased’s property.
(4)In the case of an individual who dies in an interest period, section 714(2) shall have effect as if the reference to the day the period ends were to the day he dies.
F1(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 721(5)(6) repealed (27.7.1993 with effect for the year 1994 and subsequent underwriting years) by 1993 c. 34, s. 213, Sch. 23 Pt. III(12) Note 2
Modifications etc. (not altering text)
C1Ss. 710-728 modified (27.7.1993) by 1993 c. 34, s. 63(1)(2)
Ss. 710-728 modified (27.7.1993) by 1993 c. 34, s. 63(3)(4)
Ss. 710-728 modified (27.7.1993) by 1993 c. 34, s. 63(8)(10)
Ss. 710-728 modified (27.7.1993 with effect for the year 1992-93 and subsequent years of assessment) by 1993 c. 34, ss. 176(4), 184(3)
C2S. 721(1)-(4) excluded (27.7.1993 with effect for the year 1992-93 and subsequent years of assessment) by 1993 c. 34, ss. 176(3)(a), 184(3)
Marginal Citations
M1Source—1985 Sch.23 12(1), (3)-(5)
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