Part 12Accrued income profits
Chapter 2Accrued income profits and losses
Calculating accrued income profits and losses
630Making accrued income profits: settlement day outside interest period
1
This section applies if—
a
there is a transfer of securities with unrealised interest or a transfer of variable rate securities, and
b
the settlement day for the transfer falls after the end of the only or last interest period of the securities.
2
The transferor is treated as making accrued income profits.
3
See also—
section 638(3) (no account to be taken of transfer if transferor is excluded transferor), and
section 681 (exemption for unrealised interest received by transferee after transfer).