Part 23

Company distributions
Chapter 3

Matters which are not distributions

Building society payments

Building society payments
1054
1
This section applies if—
a
any interest, or
b
any dividend or other distribution,
is payable in respect of shares in, or a deposit with or loan to, a building society.
2
No part of the interest, or of the dividend or other distribution, is a distribution of the society for corporation tax purposes.
3
See also section 372 of ITTOIA 2005 (which makes provision about the income tax treatment of building society dividends).
S. 1054 excluded (1.3.2013) by The Building Societies (Core Capital Deferred Shares) Regulations 2013 (S.I. 2013/460), regs. 1(1), 3(1)(f) (with reg. 1(2))
Pt. 23 applied (with modifications) by 2003 c. 1, s. 554AC(3) (as inserted (with effect in accordance with Sch. 1 para. 14 of the amending Act) by Finance Act 2018 (c. 3), Sch. 1 para. 2)