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Version Superseded: 27/07/1993
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(1)M1The securities forming part of a premiums trust fund at the beginning of 1st January of any year shall be treated for the purposes of sections 710 to 728 as transferred on that day to the trustees of the fund, and in relation to such a transfer, the settlement day is the day preceding that of the transfer (notwithstanding section 712).
(2)The securities shall be treated as transferred with accrued interest if the trustees are entitled to receive in respect of them interest payable on—
(a)M2the day of the transfer, if that is an interest payment day, or
(b)the next (or first) interest payment day to fall after that day, in any other case;
and they shall be treated as transferred without accrued interest if they are not so entitled.
(3)Subsections (1) and (2) above do not apply as regards securities if the day preceding 1st January concerned is an interest payment day in relation to them.
(4)M3The securities forming part of a premiums trust fund at the end of 31st December of any year shall be treated for the purposes of sections 710 to 728 as transferred on that day by the trustees of the fund, and in relation to such a transfer, the settlement day is the day of the transfer (notwithstanding section 712).
(5)The securities shall be treated as transferred with accrued interest if the trustees are entitled to receive in respect of them interest payable on the next (or first) interest payment day to fall after the day of the transfer, and they shall be treated as transferred without accrued interest if they are not so entitled.
(6)Subsections (4) and (5) above do not apply as regards securities if 31st December concerned is an interest payment day in relation to them.
(7)M4Where securities are transferred by or to the trustees of a premiums trust fund, subsections (8) and (9) below shall have effect in relation to the trustees, though not in relation to the transferee or transferor (unless in turn constituting trustees of such a fund).
(8)In subsection (9) below “straddling period” means a period which would (by virtue of section 711(3) and (4) and apart from subsection (9)) be in relation to the securities an interest period beginning on or before and ending after 31st December of any year.
(9)For the purposes of sections 710 to 728 a straddling period is not an interest period, but—
(a)the period beginning with the day on which the straddling period begins and ending with 31st December concerned is an interest period; and
(b)the period beginning with the day following 31st December concerned and ending with the day with which the straddling period ends is an interest period.
[F1(10)Subsection (11) below applies where the following state of affairs exists at the beginning of 1st January of any year or the end of 31st December of any year—
(a)securities have been transferred by the trustees of a premiums trust fund in pursuance of an arrangement mentioned in section 129(1) or (2),
(b)the transfer was made to enable another person to fulfil a contract or to make a transfer,
(c)securities have not been transferred in return, and
(d)section 129(3) applies to the transfer made by the trustees.
(11)The securities transferred by the trustees shall be treated for the purposes of subsections (1) to (6) above as if they formed part of the premiums trust fund at the beginning of 1st January concerned or the end of 31st December concerned (as the case may be).]
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