Related Commentary  Related HMRC Manuals

1054(1)  This section applies if–

(a)any interest, or

(b)any dividend or other distribution,

is payable in respect of shares in, or a deposit with or loan to, a building society.

1054(2)  No part of the interest, or of the dividend or other distribution, is a distribution of the society for corporation tax purposes.

1054(3)  See also section 372 of ITTOIA 2005 (which makes provision about the income tax treatment of building society dividends).

Origin

S. 1054(1): ICTA 1988, s. 477A(3), (9).

S. 1054(2): ICTA 1988, s. 477A(3), (9).

S. 1054(3): Drafting.

Cross references

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