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Income and Corporation Taxes Act 1988

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This is the original version (as it was originally enacted).

477Investments becoming or ceasing to be relevant building society investments

(1)Where a building society investment which is a source of income of any person (“the lender”) is not a relevant building society investment but at any time becomes such an investment, section 67 shall apply as if the investment were a source of income which the lender ceased to possess immediately before that time.

(2)Where a building society investment which is a source of income of any person ceases at any time to be a relevant building society investment, section 66(3) shall apply as if the investment were a new source of income acquired by him immediately after that time.

(3)In this section “building society investment” does not include a quoted Eurobond (as defined in section 124(1)) but, subject to that, means any share in, deposit with or loan to a building society; and for the purposes of this section a building society investment is relevant if dividends or interest payable in respect of it are aggregate rate sums.

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