Corporation Tax Act 2010 Explanatory Notes

Corporation Tax Act 2010

2010 CHAPTER 4

Introduction

Part 23: Company distributions

Chapter 3: Matters which are not distributions
Section 1054: Building society payments

3092.This section ensures that interest or dividends paid in respect of accounts held with a building society are not treated as distributions for corporation tax purposes. It is based on section 477A(3)(b) and (9) of ICTA.

3093.Such payments are charged to income tax as interest by section 372 of ITTOIA, and to corporation tax by section 498 of CTA 2009.

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