Section 1054 Building society paymentsC1

(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).

Annotations

C1: 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))

C1: 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)