In the heading the words “Registered societies” substituted for the words “Industrial and provident societies” by Co-operative and Community Benefit Societies Act 2014, s. 151 and Sch. 4, para. 166, with effect from 1 August 2014 (subject to the provisions of Sch. 5 and 6).
1055(1) Interest paid by a registered society in respect of a mortgage, loan, loan stock or deposit is not a distribution for corporation tax purposes.
1055(2) If any dividend, bonus, interest or other sum–
(a)is paid to a shareholder in a registered society, and