{
  "url": "https://openlegislation.uk/corporation-tax-act-2009/section-132",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2009/section-132.json",
  "legislation": "ukpga/2009/4",
  "legislation_title": "Corporation Tax Act 2009",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2009",
  "path": "section/132",
  "kind": "section",
  "number": "132",
  "heading": "Dividends etc granted by registered societies",
  "text": "(1) This section applies if a trade is carried on by a registered society and—\n(a) the society does not sell to persons who are not its members, or\n(b) the number of shares in the society is not limited by the society's rules or practice.\n(2) In calculating the profits of the trade, a deduction is allowed for sums which meet conditions A and B.\n(3) Condition A is that—\n(a) the sum represents a discount, rebate, dividend or bonus granted by the society to a member or other person (“the recipient”),\n(b) the discount, rebate, dividend or bonus is in respect of—\n(i) amounts paid or payable by the recipient, or\n(ii) amounts paid or payable to the recipient,\non account of the recipient's transactions with the society, and\n(c) those transactions are taken into account in calculating the society's profits chargeable under this Part.\n(4) Condition B is that the sum mentioned in subsection (2) is calculated by reference to—\n(a) the amounts paid or payable by or to the recipient, or\n(b) the size of the transactions,\nand not by reference to the amount of any share or interest in the capital of the society.\n(5) See also section 1056 of CTA 2010 (dividend or bonus to which this section applies is not treated as a distribution).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Act substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 141 (with Sch. 5)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 132(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 598 (with Sch. 2)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Act substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 143 (with Sch. 5)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/4/section/132",
    "retrieved_at": "2026-10-29T09:11:19.560467+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}