Part 12Accrued income profits

Chapter 2Accrued income profits and losses

Interpretation

675The holding of securities

1

For the purposes of this Chapter, a person holds securities—

a

at a particular time if the person is entitled to them at that time, and

b

on a particular day if the person is entitled to them throughout that day or becomes and does not cease to be entitled to them on that day.

2

A person acquires securities when the person becomes entitled to them.

3

If a Scottish partnership carries on a trade or business—

a

any partnership dealings are treated as dealings by the partners and not by the partnership as such, and

b

the partners are treated as being entitled to securities held by the partnership.