Part 12Accrued income profits
Chapter 2Accrued income profits and losses
Excluded transferors and transferees
640Small holdings: personal representatives
1
In relation to a transfer with accrued interest or transfer without accrued interest of securities that form part of a deceased person's estate, the deceased's personal representatives are an excluded transferor or excluded transferee unless the nominal value of securities held by the deceased's personal representatives as such exceeds £5,000 on any day—
a
in the tax year in which the interest period ends, or
b
in the previous tax year.
2
In relation to a transfer with unrealised interest of securities that form part of a deceased person's estate, the deceased's personal representatives are an excluded transferor or excluded transferee unless the nominal value of securities held by the deceased's personal representatives as such exceeds £5,000 on any day—
a
in the tax year in which the settlement day falls, or
b
in the previous tax year.
3
In relation to a transfer of variable rate securities that form part of a deceased person's estate, the deceased's personal representatives are an excluded transferor unless the nominal value of securities held by the deceased's personal representatives as such exceeds £5,000 on any day in the relevant tax year or the previous tax year.
4
In subsection (3) “the relevant tax year” has the meaning given by section 639(4).