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Finance Act 1991
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- 1991 c. 31
- SCHEDULE 10
- Incidental costs of issue
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- Blanket amendment text amended by S.I. 2011/1043 art. 3 4
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Commencement Orders bringing legislation that affects this Act into force:
- S.I. 2003/2093 art. 2 commences (2002 c. 40)
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- S.S.I. 2007/472 arts. 2 3 Sch. 1 2 commences (2005 asp 16)
- S.R. 2006/21 art. 2 commences (S.I. 2005/1455 (N.I.))
- S.R. 2006/22 art. 2-7 transitional provisions for effects of SR 2006/21
Incidental costs of issueE+W+S+N.I.
3(1)The following section shall be inserted after section 477A of the Taxes Act 1988—E+W+S+N.I.
“477B Building societies: incidental costs of issuing qualifying shares.
(1)In computing for the purposes of corporation tax the income of a building society from the trade carried on by it, there shall be allowed as a deduction, if subsection (2) below applies, the incidental costs of obtaining finance by means of issuing shares in the society which are qualifying shares.
(2)This subsection applies if any amount payable in respect of the shares by way of dividend or interest is deductible in computing for the purposes of corporation tax the income of the society from the trade carried on by it.
(3)In subsection (1) above, “the incidental costs of obtaining finance means expenditure on fees, commissions, advertising, printing and other incidental matters (but not including stamp duty), being expenditure wholly and exclusively incurred for the purpose of obtaining the finance (whether or not it is in fact obtained), or of providing security for it or of repaying it.
(4)This section shall not be construed as affording relief—
(a)for any sums paid in consequence of, or for obtaining protection against, losses resulting from changes in the rate of exchange between different currencies, or
(b)for the cost of repaying qualifying shares so far as attributable to their being repayable at a premium or to their having been issued at a discount.
(5)In this section—
“dividend has the same meaning as in section 477A, and
“qualifying share has the same meaning as in section 64(3E) of the Finance Act 1984.”
(2)This paragraph shall apply in relation to costs incurred on or after the day on which this Act is passed.
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