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Changes over time for: Section 628


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 01/04/2008.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax Act 2007, Section 628.

Changes to Legislation
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628Making accrued income profits and losses: general ruleU.K.
This section has no associated Explanatory Notes
(1)This section sets out the general rule for determining whether a person is treated as making accrued income profits or accrued income losses where securities are transferred by or to the person.
(2)This section does not apply in a case where section 630 applies.
(3)A separate calculation is to be made for each kind of security that is transferred by or to the person and for each interest period of each such kind of security.
(4)Each such calculation is to find—
(a)the total amount (“A”) of the payments treated under this Chapter as made to the person in the interest period in question in respect of transfers of securities of the particular kind, and
(b)the total amount (“B”) of the payments treated under this Chapter as made by the person in that period in respect of such transfers.
(5)A person is treated as making accrued income profits in an interest period as a result of transfers of securities of a particular kind if A exceeds B.
(6)A person is treated as making accrued income losses in an interest period as a result of transfers of securities of a particular kind if B exceeds A.
(7)For the payments that are treated as made on transfers of different kinds, see—
section 632 (payment on transfer with accrued interest),
section 633 (payment on transfer without accrued interest),
section 634 (payment on transfer with unrealised interest),
section 635 (payment on transfer of variable rate securities), and
section 637(2) (accrued income losses treated as payment on transfer in next interest period).
(8)See also—
section 638(2) (no account to be taken of any payment treated as made by or to excluded transferor or transferee), and
Chapter 3 (exemptions relating to interest on securities).
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