Commentary on Sections Overview Chapter 2: Accrued income profits and losses Section 640: Small holdings: personal representatives
1887.This section excludes personal representatives whose holdings are below the specified limit. It is based on section 715(1)(c) and (2)(b) of ICTA.
1888.When an individual dies, securities in the deceased’s estate automatically vest in the deceased’s personal representatives. This vesting is not a transfer for the purposes of the accrued income scheme. However, except where section 636 applies, the transfer of securities by an individual’s personal representatives is a transfer for the purposes of the accrued income scheme.
1889.Subsections (1) to (3) accordingly provide exclusions for personal representatives identical to those for individuals. But there is no equivalent of section 639(5) so there is no question of the personal representatives’ holding being combined with another’s. (Change 101 in Annex 1 applies here; see the commentary on section 639(3) (small holdings: individuals).)
1890.“Personal representatives” has the meaning given by section 989. (See Change 150 in Annex 1.)