This section has no associated Explanatory Notes
247(1)Amend section 17 (interest paid or credited by banks etc without deduction of income tax or after deduction of income tax) as follows.U.K.
(2)In subsection (1) after “bank” insert “ or building society ”.
(3)In subsection (1A) for “section 840A of the principal Act” substitute “ section 991 of ITA 2007 ”.
(4)After subsection (6) insert—
“(7)In the application of this section in relation to building societies, references to interest include references to dividends.
For this purpose “dividend” includes any distribution (whether or not described as a dividend).”
(5)In the sidenote after “banks” insert “ , building societies ”.