Section 640 — Income Tax Act 2007: Small holdings: personal representatives

Small holdings: personal representatives 640 1 In relation to a transfer with accrued interest or transfer without accrued interest of securities that form part of a deceased person's estate, the deceased's personal representatives are an excluded transferor or excluded transferee unless the nominal value of securities held by the deceased's personal representatives as such exceeds £5,000 on any day—

a in the tax year in which the interest period ends, or b in the previous tax year.

2 In relation to a transfer with unrealised interest of securities that form part of a deceased person's estate, the deceased's personal representatives are an excluded transferor or excluded transferee unless the nominal value of securities held by the deceased's personal representatives as such exceeds £5,000 on any day—

a in the tax year in which the settlement day falls, or b in the previous tax year.

3 In relation to a transfer of variable rate securities that form part of a deceased person's estate, the deceased's personal representatives are an excluded transferor unless the nominal value of securities held by the deceased's personal representatives as such exceeds £5,000 on any day in the relevant tax year or the previous tax year.

4 In subsection (3) “ the relevant tax year ” has the meaning given by section 639(4).