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(1)In the case of a transfer of securities without accrued interest, for the purposes of this Chapter a payment is treated as made by the transferor to the transferee in the interest period in which the settlement day falls.
(2)The amount of that payment depends on whether the transfer is under an arrangement by which the transferor accounts to the transferee for gross interest accruing from the settlement day to the next interest payment day.
(3)If the transfer is under such an arrangement, the amount of the payment is the amount of gross interest which the transferor accounts for.
(4)If—
(a)the transfer is not under such an arrangement, and
(b)the settlement day is itself an interest payment day for the securities,
the amount of the payment is nil.
(5)If—
(a)the transfer is not under such an arrangement, and
(b)the settlement day is not an interest payment day for the securities,
the amount of the payment is an amount equal to—
where—
I is the interest payable on the securities on the first interest payment day after the settlement day (“the payment day”),
A is the number of days in the period beginning with the day after the settlement day and ending with the payment day, and
B is the number of days in the period beginning with the first day on which that interest accrues and ending with the payment day.
(6)For the purposes of subsection (5), the first day on which that interest accrues is taken to be—
(a)the day after the last interest payment day before the settlement day, or
(b)if there is no interest payment day before the settlement day, the first day of the first interest period of the securities.
(7)In a case where no one is treated as the transferor (see section 648(4)), this section has effect as if—
(a)in subsection (1) the words “by the transferor” were omitted, and
(b)subsections (2), (3), (4)(a) and (5)(a) were omitted.
(8)In a case where no one is treated as the transferee (see sections 621(2) and (3) and 648(2)), this section has effect as if—
(a)in subsection (1) the words “to the transferee” were omitted, and
(b)subsections (2), (3), (4)(a) and (5)(a) were omitted.
(9)Subsection (5) is subject to section 659 (transfers with or without accrued interest: interest in default).
(10)See also section 663(2) (reduction of amount of payment under this section where transfer to maker of manufactured payments).
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