Part 12

Accrued income profits
Chapter 2

Accrued income profits and losses

Transfers to which Chapter applies

Transferors and transferees
621
1
In this Chapter “transferor” and “transferee” are to be read in accordance with section 620 (but this is subject to subsections (2) to (4)).
2
In the case of a conversion of securities within section 620(1)(b)—
a
the person who was entitled to the securities immediately before the conversion is treated as the transferor, but
b
no one is treated as the transferee.
3
In the case of a redemption of securities within section 620(1)(c)—
a
the person who was entitled to the securities immediately before the redemption is treated as the transferor, but
b
no one is treated as the transferee.
4
The following provisions also contain rules about who is the transferor or the transferee for certain transfers—
- section 648(1) to (4) (strips of gilt-edged securities),
- section 649(4) and (5) (new securities issued with extra return),
- section 650 (trading stock appropriations etc),
- section 651(2) and (3) (owner becoming entitled to securities as trustee),
- section 652(2) and (3) (securities ceasing to be held on charitable trusts), and
- section 666 (certain transfers by or to nominees or trustees treated as made by or to others).
5
See also sections 638 to 647 (excluded transferors and transferees).