Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 618 — Person liable
Person liable 618 1 The person liable for any tax charged under this Chapter is the person treated as making the accrued income profits. 2 But see section 666 (under which nominees and trustees may…
Section 619 — Meaning of “securities” and when securities are of the same kind
Meaning of “securities” and when securities are of the same kind 619 1 In this Chapter “ securities ” includes— a any loan stock or similar security other than an excluded security, and b shares in a…
Section 619A — Income treated as highest part of settlor's total income
Income treated as highest part of settlor's total income 619A 1 This section applies to income which is treated as income of a settlor as a result of section 624 (income where settlor retains an…
Section 620 — Transactions which are transfers: general
Transactions which are transfers: general 620 1 References in this Chapter to the transfer of securities are— a to the transfer of securities by way of sale, exchange, gift or otherwise, b to the…
Section 621 — Transferors and transferees
Transferors and transferees 621 1 In this Chapter “transferor” and “transferee” are to be read in accordance with section 620 (but this is subject to subsections (2) to (4)). 2 In the case of a…
Section 622 — Application of Chapter to different kinds of transfer
Application of Chapter to different kinds of transfer 622 1 Different rules apply under this Chapter for the different kinds of transfer specified in subsection (2). 2 The transfers are— a transfers…
Section 623 — Transfers with accrued interest
Transfers with accrued interest 623 1 The general rule is that securities are transferred with accrued interest for the purposes of this Chapter if they are transferred with the right to receive…
Section 624 — Transfers without accrued interest
Transfers without accrued interest 624 1 The general rule is that securities are transferred without accrued interest for the purposes of this Chapter if they are transferred without the right to…
Section 625 — Transfers with unrealised interest
Transfers with unrealised interest 625 1 For the purposes of this Chapter securities are transferred with unrealised interest if they are transferred with the right to receive interest payable on an…
Section 626 — Transfers of variable rate securities
Transfers of variable rate securities 626 1 Sections 623 and 624 do not apply to transfers of variable rate securities. 2 Such transfers are not treated as transfers with accrued interest or…
Section 627 — Meaning of “variable rate securities”
Meaning of “variable rate securities” 627 1 For the purposes of this Chapter securities are “variable rate securities” unless their terms of issue provide that throughout the period from issue to…
Section 628 — Making accrued income profits and losses: general rule
Making accrued income profits and losses: general rule 628 1 This section sets out the general rule for determining whether a person is treated as making accrued income profits or accrued income…
Section 629 — Calculating accrued income profits and losses where section 628 applies
Calculating accrued income profits and losses where section 628 applies 629 1 If section 628(5) applies, the amount of the accrued income profits treated as made is equal to the excess mentioned in…
Section 630 — Making accrued income profits: settlement day outside interest period
Making accrued income profits: settlement day outside interest period 630 1 This section applies if— a there is a transfer of securities with unrealised interest or a transfer of variable rate…
Section 631 — Amount of accrued income profits where section 630 applies
Amount of accrued income profits where section 630 applies 631 1 In the case of a transfer of securities with unrealised interest to which section 630 applies, the amount of the accrued income…
Section 632 — Payment on transfer with accrued interest
Payment on transfer with accrued interest 632 1 In the case of a transfer of securities with accrued interest, for the purposes of this Chapter a payment is treated as made by the transferee to the…
Section 633 — Payment on transfer without accrued interest
Payment on transfer without accrued interest 633 1 In the case of a transfer of securities without accrued interest, for the purposes of this Chapter a payment is treated as made by the transferor to…
Section 634 — Payment on transfer with unrealised interest
Payment on transfer with unrealised interest 634 1 In the case of a transfer of securities with unrealised interest where the settlement day falls within an interest period, for the purposes of this…
Section 635 — Payment on transfer of variable rate securities
Payment on transfer of variable rate securities 635 1 In the case of a transfer of variable rate securities where the settlement day falls within an interest period, for the purposes of this Chapter…
Section 636 — Exception where there is a transfer to a legatee
Exception where there is a transfer to a legatee 636 1 This section applies if— a an individual who is entitled to securities dies, and b the securities are transferred by the personal…
Section 637 — Accrued income losses treated as payments in next interest period
Accrued income losses treated as payments in next interest period 637 1 This section applies if— a a person is treated as making accrued income losses in an interest period as a result of transfers…
Section 638 — Excluded persons: disregard of certain payments and transfers
Excluded persons: disregard of certain payments and transfers 638 1 This section applies if there is a transfer of securities in relation to which a person (“P”) is an excluded transferor or excluded…
Section 639 — Small holdings: individuals
Small holdings: individuals 639 1 In relation to a transfer with accrued interest or transfer without accrued interest, an individual is an excluded transferor or excluded transferee unless the…
Section 640 — 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…
Section 641 — Small holdings: trustees of a disabled person's trusts
Small holdings: trustees of a disabled person's trusts 641 1 In relation to a transfer with accrued interest or transfer without accrued interest of securities held on a disabled person's trusts, the…
Section 642 — Traders
Traders 642 1 In relation to a transfer of securities by a person carrying on a trade, the person is an excluded transferor if the transfer is taken into account for income tax purposes in…
Section 643 — Non-residents
Non-residents 643 1 A person is— a an excluded transferor in relation to a transfer by the person, and b an excluded transferee in relation to a transfer to the person, if the person is non-UK…
Section 644 — Individuals to whom the remittance basis applies
Individuals to whom the remittance basis applies 644 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 645 — Charitable trusts etc
Charitable trusts etc 645 1 A person is— a an excluded transferor in relation to a transfer of securities by the person, and b an excluded transferee in relation to a transfer of securities to the…
Section 646 — Pension scheme trustees
Pension scheme trustees 646 A person is— a an excluded transferor in relation to a transfer of securities by the person, and b an excluded transferee in relation to a transfer of securities to the…
Section 646A — Trustees' expenses to be rateably apportioned
Trustees' expenses to be rateably apportioned 646A 1 This section applies if— a in a tax year qualifying income arises under a UK settlement, and b the qualifying income consists of charitable income…
Section 647 — Makers of manufactured payments
Makers of manufactured payments 647 1 This section applies if the manufactured payments conditions are met. 2 The manufactured payments conditions are that— a securities are transferred without…
Section 648 — Strips of gilt-edged securities
Strips of gilt-edged securities 648 1 The exchange of a gilt-edged security for strips of that security is treated for the purposes of this Chapter as a transfer of the security by the person who…
Section 649 — New securities issued with extra return
New securities issued with extra return 649 1 This section applies if— a securities (“old securities”) of a particular kind are issued by way of an original issue of securities of that kind, b on a…
Section 650 — Trading stock appropriations etc
Trading stock appropriations etc 650 1 Subsection (2) applies if a person— a acquires securities otherwise than as trading stock of a trade the person carries on, and b appropriates the securities as…
Section 651 — 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…
Section 652 — 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…
Section 653 — Stock lending
Stock lending 653 This Chapter does not apply to transfers of securities in circumstances such that any disposal and acquisition are disregarded for the purposes of capital gains tax as a result of…
Section 654 — Sale and repurchase arrangements
Sale and repurchase arrangements 654 1 This section applies for the purposes of sections 655 to 658. 2 There is a sale and repurchase arrangement in respect of securities if the securities are…
Section 655 — Transfers under sale and repurchase arrangements
Transfers under sale and repurchase arrangements 655 1 If there is a sale and repurchase arrangement in respect of securities, this Chapter does not apply to the transfer by T or the transfer back…
Section 656 — Power to modify: non-standard sale and repurchase arrangements
Power to modify: non-standard sale and repurchase arrangements 656 1 The Treasury may by regulations provide for section 655 to apply with modifications in relation to cases involving non-standard…
Section 657 — Power to modify: redemption arrangements
Power to modify: redemption arrangements 657 1 The Treasury may by regulations provide for section 655 to apply with modifications in relation to cases involving redemption arrangements. 2 A case…
Section 658 — Powers to modify: supplementary
Powers to modify: supplementary 658 1 Regulations under section 656 or 657 may make different provision for different cases. 2 Regulations under either section may contain incidental, supplemental,…
Section 659 — Transfers with or without accrued interest: interest in default
Transfers with or without accrued interest: interest in default 659 1 This section applies if— a the amount of the payments treated as made on a transfer of securities is to be determined under…
Section 660 — Transfers with unrealised interest: interest in default
Transfers with unrealised interest: interest in default 660 1 This section applies if— a securities are transferred with unrealised interest, b there has been a failure to pay interest due on the…
Section 661 — Successive transfers with unrealised interest in default
Successive transfers with unrealised interest in default 661 1 The amount taken as the unrealised interest value for the purposes of section 660(2) or (3) is reduced if the person (“T”) who makes the…
Section 662 — New securities issued with extra return: special rules about payments
New securities issued with extra return: special rules about payments 662 1 In the case of a transfer treated as made under section 649 (new securities issued with extra return), the amount of the…
Section 663 — Transfers without accrued interest to makers of manufactured payments
Transfers without accrued interest to makers of manufactured payments 663 1 This section applies if— a the manufactured payments conditions are met (see section 647(2)), and b the nominal value of…
Section 664 — Foreign currency securities: sterling equivalent of payments on transfers
Foreign currency securities: sterling equivalent of payments on transfers 664 1 The sterling equivalent of the amount of the payment treated as made on a transfer of securities is determined in…
Section 665 — Foreign currency securities: unrealised interest payable in foreign currency
Foreign currency securities: unrealised interest payable in foreign currency 665 1 This section applies if unrealised interest is payable in a currency other than sterling (“a foreign currency”). 2…