Income Tax Act 2007 section 712

Application of Chapter where individual within section 684 dies

Section 712 deals with what happens when an individual who is subject to (or may be subject to) the counteraction of an income tax advantage under the transactions in securities rules dies before the process is completed.

• Where an individual subject to counteraction of an income tax advantage has died, this section allows the process to continue through their personal representatives
• Any notice or notification that would have been sent to the deceased individual under this Chapter may instead be given to their personal representatives
• All provisions of the Chapter relating to notices, notifications, statutory declarations, rights of appeal and the giving of information are to be read as applying to the personal representatives accordingly
• This ensures that HMRC's powers to counteract income tax advantages from transactions in securities are not defeated simply because the individual concerned has died