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HMRC internal manual

Company Taxation Manual

Building societies: application of CT: how profits arise

Building societies raise most of their money from share investors and depositors although they are not restricted to raising money from these sources alone. This money is then lent to borrowers at a higher rate of interest than that paid by the society and the profit or surplus realised as a result is put to reserve. The profit arising from turning over money in this way is assessable under Case I Schedule D.

As regards rents derived from the letting of property, see CTM49430.