632 Payment on transfer with accrued interest
Income Tax Act 2007 (2007 c 3) | Legislation

The payments treated as made on transfers

632  Payment on transfer with accrued interest

(1)     In the case of a transfer of securities with accrued interest, for the purposes of this Chapter a payment is treated as made by the transferee to the transferor in the interest period in which the settlement day falls.

(2)     The amount of that payment depends on whether the transfer is under an arrangement by which the transferee accounts to the transferor separately—

(a)     for the consideration for the securities, and

(b)     for gross interest accruing to the settlement day.

(3)     If the transfer is under such an arrangement,

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