{
  "url": "https://openlegislation.uk/income-tax-act-2007/section-621",
  "json_url": "https://openlegislation.uk/income-tax-act-2007/section-621.json",
  "legislation": "ukpga/2007/3",
  "legislation_title": "Income Tax Act 2007",
  "legislation_url": "https://openlegislation.uk/income-tax-act-2007",
  "path": "section/621",
  "kind": "section",
  "number": "621",
  "heading": "Transferors and transferees",
  "text": "(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)).\n(2) In the case of a conversion of securities within section 620(1)(b)—\n(a) the person who was entitled to the securities immediately before the conversion is treated as the transferor, but\n(b) no one is treated as the transferee.\n(3) In the case of a redemption of securities within section 620(1)(c)—\n(a) the person who was entitled to the securities immediately before the redemption is treated as the transferor, but\n(b) no one is treated as the transferee.\n(4) The following provisions also contain rules about who is the transferor or the transferee for certain transfers—\nsection 648(1) to (4) (strips of gilt-edged securities),\nsection 649(4) and (5) (new securities issued with extra return),\nsection 650 (trading stock appropriations etc),\nsection 651(2) and (3) (owner becoming entitled to securities as trustee),\nsection 652(2) and (3) (securities ceasing to be held on charitable trusts), and\nsection 666 (certain transfers by or to nominees or trustees treated as made by or to others).\n(5) See also sections 638 to 647 (excluded transferors and transferees).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/3/section/621",
    "retrieved_at": "2026-10-29T09:13:03.599581+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}