Part 23Company distributions

Chapter 3Matters which are not distributions

Building society payments

1054Building society payments

(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).