Part 12Accrued income profits
Chapter 2Accrued income profits and losses
Excluded transferors and transferees
643Non-residents
1
A person is—
a
an excluded transferor in relation to a transfer by the person, and
b
an excluded transferee in relation to a transfer to the person,
if the person is non-UK resident throughout the tax year in which the transfer occurs and is not ordinarily UK resident during that year.
2
In the case of a person who is carrying on a trade in the United Kingdom through a branch or agency during any part of that year (“a UK branch trader”), subsection (1) is subject to subsections (3) and (4).
3
A UK branch trader is not an excluded transferor under subsection (1) if the securities transferred were situated in the United Kingdom and used or held for the purposes of the branch or agency at or before the time of the transfer.
4
A UK branch trader is not an excluded transferee under subsection (1) if the securities transferred were situated in the United Kingdom at the time of the transfer and were acquired for use by or for the purposes of the branch or agency.
5
In this section “branch or agency” has the meaning given by section 10(6) of TCGA 1992.
6
The place where securities are situated is determined for the purposes of this section in accordance with sections 275(1) and (2)(b) and 275C of TCGA 1992.
7
Further provision about trustees who are non-UK resident is made in section 667 (trustees' accrued income profits treated as settlement income).