Part 23

Company distributions
Chapter 3

Matters which are not distributions

Registered society payments

Dividend or bonus relating to transactions
1056
1
This section applies if—
a
a dividend or bonus is granted by a registered society , and
b
section 132 of CTA 2009 (dividends etc relating to transactions with a registered society ) allows the sum representing the dividend or bonus to be deducted in calculating the profits of a trade.
2
The dividend, or the bonus, is not a distribution for the purposes of the Corporation Tax Acts.
Words in Act substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), Sch. 4 para. 156 (with Sch. 5)
Words in s. 1055 cross-heading substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 165 (with Sch. 5)
Words in s. 1056(1)(b) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 167 (with Sch. 5)
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)