SAIM4000 - Accrued Income Scheme: overview and contents
Overview
This section of the Savings and Investment Manual explains the Accrued Income Scheme, which applies special tax rules to the taxation of accrued interest on securities held by individuals.
Contents
| Introduction and definitions |
| The basic rules |
| Exclusions |
| Special cases |
Introduction and definitions
| SAIM4010 | The background to the Accrued Income Scheme |
| SAIM4020 | Transfers ‘with accrued interest’ and ‘without accrued interest’ |
| SAIM4030 | Outline of the legislation |
| SAIM4040 | What are ‘securities’? |
| SAIM4050 | What is a ‘transfer’? |
| SAIM4060 | Different kinds of transfer |
| SAIM4070 | ‘Interest’ and related terms |
| SAIM4080 | ‘Settlement day’ |
| SAIM4090 | The holding of securities |
| SAIM4100 | Nominal value |
The basic rules
| SAIM4110 | Calculating accrued income profits and losses |
| SAIM4120 | Calculating accrued income profits and losses: relief for losses |
| SAIM4130 | Calculating accrued income profits and losses: examples |
| SAIM4140 | Payments on transfers with accrued interest |
| SAIM4150 | Payments on transfers without accrued interest |
| SAIM4160 | Examples of payments on transfers with and without accrued interest |
| SAIM4170 | Payments on transfers with unrealised interest |
| SAIM4180 | Payments on transfers of variable rate securities |
| SAIM4190 | Transfers to legatees |
Exclusions
| SAIM4200 | Excluded persons: overview |
| SAIM4210 | ‘Small holdings’ exclusion |
| SAIM4220 | Other excluded persons |
| SAIM4230 | Other excluded persons: non-residents |
Special cases
| SAIM4240 | Special cases: overview |
| SAIM4250 | Special types of transfer: gilt strips |
| SAIM4260 | Special types of transfer: new issues of securities |
| SAIM4270 | Special types of transfer: transfers to and from excluded persons |
| SAIM4280 | Excluded transfers: stock lending and ‘repos’ |
| SAIM4290 | Special calculations: interest in default |
| SAIM4300 | Special calculations: Interest in default: application of rules |
| SAIM4310 | Special calculations: foreign currency securities |
| SAIM4320 | Special cases: nominees and trustees |
| SAIM4330 | Special cases: unauthorised unit trusts |
| SAIM4340 | Relief for unremittable transfers |
| SAIM4350 | Exemptions for interest receivable on AIS securities |
| SAIM4360 | Examination of returns |
| SAIM4370 | Double taxation relief |
