Related Commentary  

1057(1)  Interest paid by a UK agricultural or fishing co-operative in respect of a mortgage, loan, loan stock or deposit is not a distribution for corporation tax purposes.

1057(2)  If any dividend, bonus, interest or other sum–

(a)is paid to a shareholder in a UK agricultural or fishing co-operative, and

(b)is payable by reference to the amount of the shareholder's holding in the co-operative's share capital,

it is not a distribution for corporation tax purposes.

1057(3)  Subsections (1) and (2) apply even if the amount in question would otherwise be a distribution by virtue of any enactment relating to corporation tax.

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