(1) In this section -
"interest" includes dividends, annuities and shares of annuities;
"securities" include stocks and shares of all descriptions.
(2) Where in any year of assessment or accounting period an owner (in this section referred to as "the owner") of any securities sells or transfers the right to receive any particular interest payable (whether before or after such sale or transfer) in respect of those securities without selling or transferring those securities, then, and in every such case, the following provisions shall apply:
(a) for the purposes of the Tax Acts that interest (whether it would or would not be chargeable to tax if this section had not been enacted) -
(i) shall be deemed to be the income of the owner or, where the owner is not the beneficial owner of the securities and some other person (in this section referred to as "the beneficiary") is beneficially entitled to the income arising from the securities, the income of the beneficiary,
(ii) shall be deemed to
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