Section 1056 | Dividend or bonus relating to transactions

(1)This section applies if—

(a)a dividend or bonus is granted by a registered society , and^F1

(b)section 132 of CTA 2009 (dividends etc relating to transactions with a registered society ) allows the sum representing the dividend or bonus to be deducted in calculating the profits of a trade.^F2

(2)The dividend, or the bonus, is not a distribution for the purposes of the Corporation Tax Acts.