Payment of interest in respect of building society securities

A4.429 General

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:

  1.  

    (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

  2.  

    (b)     the security is not:

    1.  

      (i)     a qualifying certificate of deposit

    2.  

      (ii)     a

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