119 Transfers of securities subject to the accrued income scheme
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

119  Transfers of securities subject to the accrued income scheme

[(1)     Where there is a transfer of securities within the meaning of Chapter 2 of Part 12 of ITA 2007 (accrued income profits)—

(a)     if a payment is treated as made to the transferor under section 632 of that Act or by the transferor under section 633 of that Act, section 37 shall be disregarded in computing the gain accruing on the disposal concerned;

(b)     if a payment is treated as made by the transferee under section 632 of that Act or to the transferee under section 633 of that Act, section 39 shall be disregarded in computing the gain accruing to the transferee if he disposes of the securities;

but subsections (2) and (3) below shall apply.

(2)     Where the securities are transferred with accrued interest (within the meaning of that Chapter)—

(a)     if a payment is treated as made to the transferor under section 632 of ITA 2007, an amount equal to the amount of that payment shall be excluded from the consideration mentioned in subsection (8) below;

(b)     if a payment is treated as made by the transferee under that section, an amount equal to the amount

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