Section 1056 Dividend or bonus relating to transactions

United Kingdom

(1)

This section applies if—

(a)

a dividend or bonus is granted by a F1registered society , and

(b)

section 132 of CTA 2009 (dividends etc relating to transactions with F2a 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.

Annotations

Textual amendments

F1: 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)
F2: 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)

Notes on Part 23

Modifications

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)

Notes on Registered society payments

Textual amendments

F1: 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)