Section 651 — Income Tax Act 2007: Owner becoming entitled to securities as trustee

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.