Commentary on Sections Overview Chapter 2: Accrued income profits and losses Section 622: Application of Chapter to different kinds of transfer
1819.This section sets out the types of transfer for which rules are provided by the Chapter. It is new (but subsection (3) is based on section 716(2) of ICTA). The nature of the transfer determines:
	whether payments (or profits, in the case of a transfer to which section 630 applies) are treated as made;
	if so, who is treated as making the payment (or profits); and
	the amount of the payment (or profits).
1820.Sections 623 to 626 describe the various types of transfer. Sections 628 to 631 provide for the calculation of accrued income profits and losses and when such profits or losses arise. Sections 632 to 635 set out the payments on transfer that are needed for the application of sections 628 to 631.
1821.Securities transferred with unrealised interest may also be transferred with or without accrued interest or the securities transferred may be variable rate securities. Subsection (3) confirms that the transfer must be dealt with in accordance with the rules for both a transfer with unrealised interest and another type of transfer. So, in such a case, two payments may be treated as made – one which relates to the transfer being made with unrealised interest and one which relates to the transfer with or without accrued interest or the transfer of variable rate securities.