{
  "url": "https://openlegislation.uk/income-tax-act-2007/section-638",
  "json_url": "https://openlegislation.uk/income-tax-act-2007/section-638.json",
  "legislation": "ukpga/2007/3",
  "legislation_title": "Income Tax Act 2007",
  "legislation_url": "https://openlegislation.uk/income-tax-act-2007",
  "path": "section/638",
  "kind": "section",
  "number": "638",
  "heading": "Excluded persons: disregard of certain payments and transfers",
  "text": "(1) This section applies if there is a transfer of securities in relation to which a person (“P”) is an excluded transferor or excluded transferee.\n(2) In determining whether P has made accrued income profits or accrued income losses under section 628 (making accrued income profits and losses: general rule) and the amount of any such profits or losses, no account is to be taken of any payment treated as made by or to P on the transfer.\n(3) In determining whether P has made accrued income profits under section 630 (making accrued income profits: settlement day outside interest period) and the amount of any such profits, no account is to be taken of the transfer if P is an excluded transferor in relation to it.\n(4) For the cases where a person is an excluded transferor or excluded transferee in relation to a transfer, see—\nsection 639 (small holdings: individuals),\nsection 640 (small holdings: personal representatives),\nsection 641 (small holdings: trustees of a disabled person's trusts),\nsection 642 (traders),\nsection 643 (non-residents),\nsection 644 (individuals to whom the remittance basis applies),\nsection 645 (charitable trusts etc),\nsection 646 (pension scheme trustees), and\nsection 647 (makers of manufactured payments).\n(5) Whether a person is an excluded transferee is also relevant to the application of section 681 (exemption for unrealised interest received by transferee after transfer).",
  "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/638",
    "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."
}