Part VTaxation of Companies and Company Distributions

F196 Mitigation of corporation tax liability of industrial and provident societies, housing associations and building societies.

(1)

Where in any accounting period of a body to which this section applies the rate of corporation tax exceeds such special rate as Parliament may fix for the purposes of this section, F2the body may claim that the corporation tax charged on the income of that body for that period shall be calculated as if the rate of corporation tax were equal to that special rate.

(2)

The bodies to which this section applies are—

(a)

any registered industrial and provident society as defined in section 340 of the Taxes Act and any such co-operative association as is mentioned in subsection (8) of that section;

(b)

any housing association for the time being approved for the purposes of section 341 of that Act;

(c)

any building society as defined in section 343 of that Act and any company to which that section applies by virtue of subsection (9) of that section.

not being a society, association or company under the control (within the meaning of section 302 of that Act) of one or more companies which are not themselves bodies to which this section applies.

(3)

For the purposes of this section the income of a company for an accounting period is its income charged to corporation tax for that period as defined in section 85(6) above F3as originally enacted.