Close, but there is one odd exception: if your capital falls (say Moscow to Japan) and you take another capital (say Berlin to Russia) then Russia gets the money from the Germans and can spend it the next turn.
Very minor point, but I just wanted to note the oddity. You can’t collect income in the collect income phase, but you can collect someone else’s income 😄
Actually, in that case you do get the IPCs, but you can’t spend them until your capital is liberated.
Well you learn something new every day. 🙂