Income Tax Act 2007 (c. 3)

Part 12 U.K. Accrued income profits

Chapter 3 U.K. Exemptions relating to interest on securities

678 Exemptions relating to interest on securities: preliminary U.K.

(1) This Chapter confers exemptions relating to interest on securities.

(2) Expressions used in this Chapter and in Chapter 2 have the same meaning as in that Chapter.

(3) Accordingly, for the meanings of the following expressions see the sections indicated—

• “interest” see section 671,

• “interest payment day” see section 672,

• “interest period” see section 673,

• “makes accrued income losses” see section 628(6),

• “securities” see section 619,

• “transfer with unrealised interest” see section 625(1),

• “transferee” see section 621,

• “transfer” see section 620, and

• “unrealised interest” see section 625(2).

(4) Section 666 (certain transfers by or to nominees or trustees treated as made by or to others) applies for the purposes of this Chapter as it applies for the purposes of Chapter 2.