Related Commentary  Related HMRC Manuals

131(1)  In calculating the profits of a trade carried on by a building society, a deduction is allowed for incidental costs of obtaining finance by means of issuing shares in the society if–

(a)the shares are qualifying shares for the purposes of section 117(4) of TCGA 1992, and

(b)the condition in subsection (2) is met.

131(2)  The condition is that the amount of any–

(a)dividend or other distribution, or


payable in respect of the shares is deductible in calculating, for corporation tax purposes, the profits of the society's trade.

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