Payment of interest in respect of building society securitiesA4.429 GeneralPayments made by building societies in respect of core capital deferred shares (CCDS) are made without deduction of income tax1; see D7.803.However, where certain conditions are met, income tax is deducted from payments of other dividends and interest on securities issued by the building society2. The conditions are that: (a) at the time the dividend or interest became payable, the security was listed, or was capable of being listed, on a recognised stock exchange3; and (b) the security is not: (i) a qualifying certificate of deposit (ii) a
Payments made by building societies in respect of core capital deferred shares (CCDS) are made without deduction of income tax1; see D7.803.
However, where certain conditions are met, income tax is deducted from payments of other dividends and interest on securities issued by the building society2. The conditions are that:
(a) at the time the dividend or interest became payable, the security was listed, or was capable of being listed, on a recognised stock exchange3; and
(b) the security is not:
(i) a qualifying certificate of deposit
(ii) a
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