Section 1054 | Building society payments

(1)This section applies if—

(a)any interest, or

(b)any dividend or other distribution,

is payable in respect of shares in, or a deposit with or loan to, a building society.

(2)No part of the interest, or of the dividend or other distribution, is a distribution of the society for corporation tax purposes.

(3)See also section 372 of ITTOIA 2005 (which makes provision about the income tax treatment of building society dividends).