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Income and Corporation Taxes Act 1988, Section 477A is up to date with all changes known to be in force on or before 26 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F4(1A)F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(2)F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F5(2A)F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(3)F6. . . Dividends or interest payable in respect of shares in, or deposits with or loans to, a building society shall be dealt with for the purposes of corporation tax as follows—
[F7(a)[F8to the extent that it would not otherwise fall to be so regarded,] liability to pay the dividends or interest shall be treated for the purposes of Chapter II of Part IV of the Finance Act 1996 as a liability arising under a loan relationship of the building society;
(aa)if the dividends or interest are payable to a company, [F9then, to the extent that they would not otherwise fall to be so regarded,] they shall be treated for those purposes as payable to that company in pursuance of a right arising under a loan relationship of that company;]
(b)no part of any such dividends or interest F10. . . shall be treated as a distribution of the society or as franked investment income of any company resident in the United Kingdom.
[F11(3A)F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3B)F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3C)F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(4)Subsection (3)(a) above shall apply to any [F13interest] paid by the society under a certified [F14SAYE savings arrangement] as if it were a dividend on a share in the society.
(5)F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)F15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)F16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8)F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F18(9)In this section “dividend” includes any distribution (whether or not described as a dividend).]
[F19(10)In this section—
[F20“certified SAYE savings arrangement” has the meaning given by section 703 of ITTOIA 2005
F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
F22F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]
Textual Amendments
F1Words in s. 477A sidenote substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 88(7) (with Sch. 2)
F2S. 477A inserted (with effect in accordance with Sch. 5 para. 4(2) of the amending Act) by Finance Act 1990 (c. 29), Sch. 5 para. 4(1)
F3S. 477A(1)-(2A) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 88(2), Sch. 3 Pt. 1 (with Sch. 2)
F5S. 477A(2A) inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 111(4)
F6Words in s. 477A(3) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 88(3)(a), Sch. 3 Pt. 1 (with Sch. 2)
F7S. 477A(3)(a)(aa) substituted for s. 477A(3)(a) (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 28(1) (with Sch. 15)
F8Words in s. 477A(3)(a) inserted (with effect in accordance with s. 82(2) of the amending Act) by Finance Act 2002 (c. 23), Sch. 25 para. 47(2)
F9Words in s. 477A(3)(aa) inserted (with effect in accordance with s. 82(2) of the amending Act) by Finance Act 2002 (c. 23), Sch. 25 para. 47(3)
F10Words in s. 477A(3)(b) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 88(3)(b), Sch. 3 Pt. 1 (with Sch. 2)
F12S. 477(3A)-(3C) repealed with effect in accordance with s. 105(1) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 14 para. 28(2), Sch. 41 Pt. 5(3), Note (with Sch. 15)
F13Words in s. 477A(4) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 184(2)(a) (with Sch. 2)
F14Words in s. 477A(4) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 184(2)(b) (with Sch. 2)
F15S. 477A(5)(6) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 184(3), Sch. 3 (with Sch. 2)
F16S. 477A(7) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 88(4), Sch. 3 Pt. 1 (with Sch. 2)
F17S. 477(8) repealed (with effect in accordance with s. 38(3)(4) of the repealing Act) by Finance Act 1999 (c. 16), Sch. 20 Pt. 3(7), Note 4
F18S. 477A(9) substituted (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 88(5) (with Sch. 2)
F20S. 477A(10): definition of "certified SAYE savings arrangement" inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 184(5) (with Sch. 2)
F21S. 477A(10): definitions of "qualifying certificate of deposit", "qualifying deposit right" and "security" repealed (6.4.2007 with effect in accordance with s. 1034(1) of the repealing Act) by Income Tax Act 2007 (c. 3), Sch. 1 para. 88(6), Sch. 3 Pt. 1 (with Sch. 2)
F22S. 477A(10): definition of "qualifying deposit right" inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 34, Sch. 8 paras. 3(3), 6
Modifications etc. (not altering text)
C1S. 477A applied (with effect in accordance with s. 56 of the affecting Act) by Finance Act 2005 (c. 7), Sch. 2 para,. 5
C2 See 1990 Sch.5 para.16(1), (4), (5)—for the year 1991-92,the words from
“actual”
to the end of the paragraph are replaced by
“appropriate amount”;and the following subs. is inserted after subs.(3):— “(3A) In subsection (3)(a) above the reference to the appropriate amount is to the actual amount paid or credited in the accounting period of any such dividends or interest together with—(a) in the case of dividends or interest paid or credited in the year 1990-91, any amount accounted for and paid by the society in respect thereof as representing income tax, and (b) in the case of dividends or interest paid or credited in the year 1991-92, any amount of income tax accounted for and paid by the society in respect thereof.”
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