CTM49428 | Building societies: application of CT: interest received taxed

Credit for the income tax deducted on interest received is normally given against the income tax payable by the society under ITA07/SS952&953, so it is not allowed against the CT charged on the society. If there is any unrelieved balance, this balance is allowed against the CT charged on the society, under CTA2010/S967 (2) and (3) (formerly ICTA88/S7 (2)) see CTM35220.