Section 630 | Making 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).