Section 652 — Income Tax Act 2007: Securities ceasing to be held on charitable trusts

Securities ceasing to be held on charitable trusts 652 1 This section applies if securities held on charitable trusts cease to be subject to those trusts.

2 The trustees are treated for the purposes of this Chapter as transferring the securities at the time when the securities cease to be so subject.

3 The transfer is treated as being made by the trustees in their capacity as charitable trustees to themselves in another capacity.

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.