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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Securities: Accrued Income Scheme: transfer without accrued interest

If the securities are transferred without accrued interest or `ex div’ the transferor will retain the right to receive the next interest payment. The transferor will have to compensate the transferee for the interest which arises after the date of sale. The Accrued Income Scheme calls this the rebate amount. ICTA88/S713 (3)(a) gives the transferor relief for the rebate amount, see IM4235. The transferee is treated as though they received a sum equal to the rebate amount.