Part 12Accrued income profits
Chapter 1Introduction
615Overview 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.