Section 615 — Income Tax Act 2007: Overview of Part

Overview of Part 615 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.