Explanatory Notes

Income Tax Act 2007

2007 CHAPTER 3

20 March 2007

Commentary on Sections

Part 12: Accrued Income Profits

Overview

Chapter 2: Accrued income profits and losses
Section 646: Pension scheme trustees

1902.This section excludes pension scheme trustees from the accrued income scheme in relation to a transfer of securities if the trustees would be entitled to exemption from income tax on the interest on the securities under section 186 of FA 2004. It is based on section 715(1)(k) and (2)(b) of ICTA.