Income Tax Act 2007 (c. 3)

Part 12 U.K. Accrued income profits

Chapter 2 U.K. Accrued income profits and losses

Transfers to which Chapter applies U.K.

622 Application of Chapter to different kinds of transfer U.K.

(1) Different rules apply under this Chapter for the different kinds of transfer specified in subsection (2).

(2) The transfers are—

(a) transfers with accrued interest (see section 623),

(b) transfers without accrued interest (see section 624),

(c) transfers with unrealised interest (see section 625), and

(d) transfers of variable rate securities (see section 626).

(3) If a transfer is both a transfer with unrealised interest and a transfer of a kind specified in subsection (2)(a), (b) or (d), both the provisions of this Chapter applicable to transfers with unrealised interest and the provisions applicable to the other kind of transfer apply to the transfer.