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: • 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 • the security is not: – a qualifying certificate of deposit – 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:
• 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
• the security is not:
– a qualifying certificate of deposit
– a
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