Part 12

Accrued income profits
Chapter 2

Accrued income profits and losses

Interpretation

The holding of securities
675
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.