Part 12Accrued income profits

Chapter 2Accrued income profits and losses

Further transactions treated as transfers

651Owner becoming entitled to securities as trustee

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.