Particular bodies: registered societies: returns of gross payments
Payments of share and loan interest within ITA07/S887 and payments in respect of transactions with the society are made gross.
The society should make a return of the gross payments of share and loan interest. ITA07/S887 requires the society to make a return within 3 months of the end of each accounting period of all payments over £15 made to any person. In practice returns are required only for payments of £250 and over to any person.
The return should include the name and address of each person to whom such a gross payment of £250 or more has been made and the amount paid to each. The returns should be sent to:
HM Revenue and Customs
Centre for National Information
Ground Floor, Government Buildings
There is information on how the process works for registered societies at:
There is similar guidance for credit unions at:
If the return is not delivered then the society will not be entitled to relief from its profits for the amounts paid (CTA09/S500).