http://www.legislation.gov.uk/ukpga/2007/3/section/639Income Tax Act 2007An Act to restate, with minor changes, certain enactments relating to income tax; and for connected purposes.texttext/xmlenStatute Law Database2026-04-23Expert Participation2026-04-06 Income Tax Act 2007s. 6B(1A)Finance Act 2026Sch. 2 para. 2s. 8(2)-(4)Income Tax Act 2007s. 788(7)Legal Services Act 2007Sch. 21 para. 161(b)s. 29 192 193s. 211(2)art. 2(h) Part 12Chapter 26391In relation to a transfer with accrued interest or transfer without accrued interest, an individual is an excluded transferor or excluded transferee unless the nominal value of securities held by the individual exceeds £5,000 on any day—ain the tax year in which the interest period ends, orbin the previous tax year.2In relation to a transfer with unrealised interest, an individual is an excluded transferor or excluded transferee unless the nominal value of securities held by the individual exceeds £5,000 on any day—ain the tax year in which the settlement day falls, orbin the previous tax year.3In relation to a transfer of variable rate securities, an individual is an excluded transferor unless the nominal value of securities held by the individual exceeds £5,000 on any day in the relevant tax year or the previous tax year.4In subsection (3) “the relevant tax year” means—aif the settlement day falls in an interest period, the tax year in which the interest period ends, orbotherwise, the tax year in which the settlement day falls.5For the purposes of this section, if—aan individual holds securities at a particular time, andbany interest on them which became payable at that time would be treated for income tax purposes as part of another individual's income,each of those individuals is treated as holding at that time the securities which the other holds, as well as those which that individual actually holds.