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HMRC internal manual

Company Taxation Manual

From
HM Revenue & Customs
Updated
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Particular bodies: housing associations: co-operatives - interest paid

ITA07/S887 (1) provides that any share or loan interest paid by a registered society (see CTM42405) may be paid in full, except where the interest is payable to a person whose usual place of abode is outside the UK.

As such a registered society, any other interest of such a housing association will be paid in full.

An association which claims under CTA10/PART13/CHAPTER7 and supplies the information required on Form 75 (which includes details of all interest paid, whether in full or under deduction of tax) should not also be required to render separate returns of interest paid.  (This content has been withheld because of exemptions in the Freedom of Information Act 2000)

First year of claim

On the first occasion on which a housing association wishes to make a claim under CTA10/PART13/CHAPTER7 the Office responsible should issue Form 75, which requires the association to submit:

  • a copy of the rules, a copy of the relevant authority’s letter of approval (CTM40425),

and

  • a copy of the accounts.

A duplicate form may be issued for retention by the association.