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HMRC internal manual

Company Taxation Manual

Building societies: application of CT: subscriptions

The subscriptions, entrance fees, etc of the Building Societies Association and the various area associations affiliated to this body are allowed as a deduction.

Part XV of the Financial Services and Markets Act 2000 requires the Financial Services Authority to create a scheme - the Financial Services Compensation Scheme- for the payment of compensation to consumers who suffer financial loss as a consequence of the inability of an authorised firm to meet its liabilities.

CTA2009/S92 (formerly ICTA88/S76A) provides that any levy under the Financial Services Compensation Scheme payable by a building society shall be allowed as a deduction in computing its profits (in so far as they would not otherwise be allowable), and any refunds of the levy to the building society are treated as trading receipts.