Section 615 | Overview of Part

(1)This Part makes provision about—

(a)accrued income profits and losses, and

(b)exemptions which apply where there is interest on securities.

(2)In this Part “accrued income profits” means profits which under Chapter 2 are treated as made where securities which carry or have carried interest are transferred.

(3)See sections 628, 630 and 670(2) and (3) for when such profits are treated as made.

(4)In this Part “accrued income losses” means losses which under Chapter 2 are treated as made where securities which carry or have carried interest are transferred.

(5)See section 628 for when such losses are treated as made.

(6)For the meaning of “securities”, “transfer” and “interest”, see sections 619, 620 and 671 respectively.