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Securities are transferred with accrued interest (cum-div) if they are transferred with the right to receive interest payable on the first interest-payment day after the settlement day, or on the settlement day if that is an interest-payment day¹. (Securities are transferred without accrued interest (ex-div) if they are transferred without that right²).

The transferee is deemed to make an accrued income payment to the transferor in the interest period in which the settlement day falls³.

'Settlement day', where securities are transferred in accordance with the rules of a recognised market, means the day on which the transferee agrees to settle; if the transferee has a choice of days, the day on which the transferee actually settles⁴. Where there is no consideration for the transfer (a gift or a deemed transfer), settlement day is the day on which the securities are actually transferred in the following circumstances⁵: