Part 12

Accrued income profits
Chapter 2

Accrued income profits and losses

Exception where there is a transfer to a legatee

Exception where there is a transfer to a legatee
636
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.