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Version Superseded: 06/04/2007
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M1(1)Subject to sections 714 to 728, this section applies whether the securities in question are transferred before, on or after 6th April 1988; and in this section references to a period are references to the interest period in which the settlement day falls.
(2)If securities are transferred with accrued interest—
(a)the transferor shall be treated as entitled to a sum on them in the period of an amount equal to the accrued amount; and
(b)the transferee shall be treated as entitled to relief on them in the period of the same amount.
(3)If securities are transferred without accrued interest—
(a)the transferor shall be treated as entitled to relief on them in the period of an amount equal to the rebate amount; and
(b)the transferee shall be treated as entitled to a sum on them in the period of the same amount.
(4)In subsection (2) above “the accrued amount” means—
(a)if the securities are transferred under an arrangement by virtue of which the transferee accounts to the transferor separately for the consideration for the securities and for gross interest accruing to the settlement day, an amount equal to the amount (if any) of gross interest so accounted for; and
(b)in any other case, an amount equal to the accrued proportion of the interest applicable to the securities for the period.
(5)In subsection (3) above “the rebate amount” means—
(a)if the securities are transferred under an arrangement by virtue of which the transferor accounts to the transferee for gross interest accruing from the settlement day to the next interest payment day, an amount equal to the amount (if any) of gross interest so accounted for; and
(b)in any other case, an amount equal to the rebate proportion of the interest applicable to the securities for the period.
(6)In this section—
(a)the accrued proportion is—
(b)the rebate proportion is—
where—
A is the number of days in the period up to (and including)the settlement day, and
B is the number of days in the period.
(7)M2For the purposes of subsection (2) above, in a case where the interest on the securities is payable in a currency other than sterling the accrued amount is to be determined as follows—
(a)if subsection (4)(a) above applies and the sterling equivalent of the amount of gross interest there mentioned is shown in an agreement for transfer, the accrued amount is the sterling equivalent so shown;
(b)if subsection (4)(a) applies but paragraph (a) above does not, or if subsection (4)(b) above applies, the accrued amount is the sterling equivalent on the settlement day of the amount found by virtue of subsection (4)(a) or (b) (as the case may be).
(8)For the purposes of subsection (3) above, in a case where the interest on the securities is payable in a currency other than sterling the rebate amount is to be determined as follows—
(a)if subsection (5)(a) above applies and the sterling equivalent of the amount of gross interest there mentioned is shown in an agreement for transfer, the rebate amount is the sterling equivalent so shown;
(b)if subsection (5)(a) applies but paragraph (a) above does not, or if subsection (5)(b) above applies, the rebate amount is the sterling equivalent on the settlement day of the amount found by virtue of subsection (5)(a) or (b) (as the case may be).
(9)M3For the purposes of subsections (7) and (8) above the sterling equivalent of an amount on a particular day is the sterling equivalent calculated by reference to the London closing rate of exchange for that day.
Modifications etc. (not altering text)
C1Ss. 710-728 modified (27.7.1993) by 1993 c. 34, s. 63(1)(2)
Ss. 710-728 modified (27.7.1993 ) by 1993 c. 34, s. 63(3)(4)
Ss. 710-728 modified (27.7.1993) by 1993 c. 34, s. 63(8)(10)
Ss. 710-728 modified (27.7.1993 with effect for the year 1992-93 and subsequent years of assessment) by 1993 c. 34, ss. 176(4), 184(3)
C2Ss. 710-728 modified (with effect in accordance with s. 105(1) of the modifying Act) by Finance Act 1996 (c. 8), Sch. 13 para. 11 (with Sch. 13 para. 16, Sch. 15)
C3Ss. 711-728 modified (31.7.1998) by Finance Act 1998 (c. 36), s. 161(2)(a) (with s. 161(7))
C4S. 713(2)(3) excluded (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 4; S.I. 2003/120, art. 2, Sch. (with arts. 3, 4 (as amended by S.I. 2003/333, art. 14))
Marginal Citations
M1Source—1985 s.73
M2Source—1985 Sch.23 10(1)-(3)
M31985 Sch.23 10(7)
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