Section 675 — Income Tax Act 2007: The holding of securities

The holding of securities 675 1 For the purposes of this Chapter, a person holds securities—

a at a particular time if the person is entitled to them at that time, and b on a particular day if the person is entitled to them throughout that day or becomes and does not cease to be entitled to them on that day.

2 A person acquires securities when the person becomes entitled to them.

3 If a Scottish partnership carries on a trade or business—

a any partnership dealings are treated as dealings by the partners and not by the partnership as such, and b the partners are treated as being entitled to securities held by the partnership.