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Changes over time for: Cross Heading: Exception where there is a transfer to a legatee


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 01/04/2008.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax Act 2007, Cross Heading: Exception where there is a transfer to a legatee.

Changes to Legislation
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Exception where there is a transfer to a legateeU.K.
636Exception where there is a transfer to a legateeU.K.
(1)This section applies if—
(a)an individual who is entitled to securities dies, and
(b)the securities are transferred by the personal representatives to a legatee.
(2)If the securities are transferred in the interest period in which the death occurs, no payment is treated as made under this Chapter as a result of the transfer.
(3)If the securities are variable rate securities and the deceased dies after the end of the only or last interest period of the securities, no accrued income profits are treated as made under section 630(2).
(4)In this section “legatee” includes any person taking (whether beneficially or as trustee)—
(a)under a testamentary disposition, or
(b)on an intestacy or partial intestacy.
(5)Such a person includes a person taking as a result of an appropriation by personal representatives in or towards the satisfaction of a legacy or other interest or share in the deceased's property.
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