Part 12

Accrued income profits
Chapter 2

Accrued income profits and losses

Further transactions treated as transfers

Owner becoming entitled to securities as trustee
651
1
This section applies if a person entitled to securities otherwise than as trustee becomes trustee of them.
2
The person is treated for the purposes of this Chapter as transferring the securities at the time the person becomes trustee of them.
3
The transfer is treated as being made—
a
by the person in a capacity other than trustee, and
b
to the person and, if there are any other trustees, to the others in the capacity of trustees.
4
See sections 623(2) to (4) and 624(2) to (4) for cases where securities are treated as transferred with or without accrued interest where this section applies.