Income Tax Act 2007 section 675

The holding of securities

Section 675 defines when a person is regarded as holding or acquiring securities for the purposes of the accrued income securities chapter, with special rules for Scottish partnerships.

• A person holds securities at a particular time if they are entitled to them at that time, and holds them on a particular day if they are entitled to them throughout that day or become entitled without ceasing to be entitled on that day.
• A person acquires securities at the point when they become entitled to them.
• Where a Scottish partnership carries on a trade or business, any partnership dealings in securities are treated as dealings by the individual partners, not by the partnership itself.
• Partners in a Scottish partnership are treated as being personally entitled to any securities held by the partnership.