633 Payment on transfer without accrued interest
Income Tax Act 2007 (2007 c 3) | Legislation

633  Payment on transfer without accrued interest

(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

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