Revenue Note for Guidance

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Revenue Note for Guidance

PART 25

INDUSTRIAL AND PROVIDENT SOCIETIES, BUILDING SOCIETIES, AND TRUSTEE SAVINGS BANKS

CHAPTER 1

Industrial and provident societies

Overview

This Chapter provides special rules relating to the taxation of industrial and provident societies.

698 Interpretation (Chapter 1)

“loan interest” is any interest payable by the society in respect of any mortgage, loan, loan stock or deposit.

“share interest” is any interest, dividend, bonus or other sum payable to a shareholder of the society by reference to the shareholder’s holding in the share capital of the society.

“society” is a society registered under the Industrial and Provident Societies Acts, 1893 to 1978.

References to the payment of share or loan interest include references to the crediting of such interest.

Relevant Date: Finance Act 2017