A4.429 Deduction Of Tax From Payments In Respect Of Building Society Securities

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Commentary

Administration and compliance

A4.429 Deduction of tax from payments in respect of building society securities

ITA 2007, s 889 imposes a duty to deduct tax from payments of dividends or interest made in respect of certain securities issued by building societies. This article explains the circumstances in which tax must be deducted and details exemptions from the requirement to do so, in particular for payments in respect of core capital deferred shares (CCDS).

Where the following conditions are met, income tax is deducted from payments of dividends and interest on securities

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