# Income Tax Act 2007, Section 640: Small holdings: personal representatives


(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 deceased's personal representatives are an excluded transferor or excluded transferee unless the nominal value of securities held by the deceased's personal representatives as such exceeds £5,000 on any day—
(a) in the tax year in which the interest period ends, or
(b) in the previous tax year.
(2) In relation to a transfer with unrealised interest of securities that form part of a deceased person's estate, the deceased's personal representatives are an excluded transferor or excluded transferee unless the nominal value of securities held by the deceased's personal representatives as such exceeds £5,000 on any day—
(a) in the tax year in which the settlement day falls, or
(b) in the previous tax year.
(3) In relation to a transfer of variable rate securities that form part of a deceased person's estate, the deceased's personal representatives are an excluded transferor unless the nominal value of securities held by the deceased's personal representatives as such exceeds £5,000 on any day in the relevant tax year or the previous tax year.
(4) In subsection (3) “the relevant tax year” has the meaning given by section 639(4).

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Source: https://www.legislation.gov.uk/ukpga/2007/3/section/640 (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-640
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.