Related Commentary  Related HMRC Manuals


The heading to s. 379 substituted by Co-operative and Community Benefit Societies Act 2014, s. 151 and Sch. 4, para. 94(2), with effect from 1 August 2014 (subject to the provisions of Sch. 5 and 6). The former heading was “Industrial and provident society payments”.

379(1)  Any dividend, bonus or other sum payable to a shareholder in–

(a)a registered society, or

(b)a UK agricultural or fishing co-operative,

is treated as interest for income tax purposes if it is payable by reference to the amount of the shareholder's holding in its share capital.

379(2)  In subsection (1) –

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