Section 671: Meaning of “interest”
1989.This section defines “interest” for the purposes of this Chapter. It is based on section 711(9) of ICTA.
1990.This section expands the meaning of “interest” beyond its normal meaning to take account of the meaning of “security” for the purposes of the accrued income scheme. The return on a gilt-edged security may be referred to as “dividend” (hence references to sales of securities “cum-dividend” or “ex-dividend”) even though the return is in fact in the form of interest.