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Changes over time for: Cross Heading: Industrial and provident society payments
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This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/08/2014
Status:
Point in time view as at 21/12/2012.
Changes to legislation:
Corporation Tax Act 2010, Cross Heading: Industrial and provident society payments is up to date with all changes known to be in force on or before 27 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes to Legislation
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Industrial and provident society paymentsU.K.
1055Industrial and provident societies: interest and share dividendsU.K.
(1)Interest paid by a registered industrial and provident society in respect of a mortgage, loan, loan stock or deposit is not a distribution for corporation tax purposes.
(2)If any dividend, bonus, interest or other sum—
(a)is paid to a shareholder in a registered industrial and provident society, and
(b)is payable by reference to the amount of the shareholder's holding in the society's share capital,
it is not a distribution for corporation tax purposes.
(3)Subsections (1) and (2) apply even if the amount in question would otherwise be a distribution by virtue of any enactment relating to corporation tax.
(4)For the purposes of this section crediting an amount counts as paying it.
(5)See also section 379(1) of ITTOIA 2005 (income tax treatment of sums payable as mentioned in subsection (2)).
1056Dividend or bonus relating to transactionsU.K.
(1)This section applies if—
(a)a dividend or bonus is granted by a registered industrial and provident society, and
(b)section 132 of CTA 2009 (dividends etc relating to transactions with an industrial and provident 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.
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