SECTION 3  Transactions in securities 

32415
An individual may convert income into capital by purchasing securities just after interest has been paid, and then selling them just before the next interest payment, with the sale price reflecting the interest income. The accrued income scheme, and provisions relating to the sale and repurchase of securities, ensure that income tax is still charged.
Transactions involving securities may require a clearance from HMRC in order to be sure of the tax treatment, because of anti-avoidance legislation which may charge income tax on subsequent profits (including capital gains) from those securities.
 
 A.  Accrued in...

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