The Building Societies (Core Capital Deferred Shares) Regulations 2013

• Citation: S.I. 2013/460
• Sections: 3

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Building Societies (Core Capital Deferred Shares) Regulations 2013 and come into force on the day after the day on which they are made.

(2) These Regulations have effect in relation to shares issued, and securities converted into shares, on or after that date.

Section 2 Core capital deferred shares

(1) In these Regulations, “core capital deferred shares” are deferred shares that form part of the core tier one capital of a building society.

(2) For the purposes of this regulation—

(a) “building society” and “deferred shares” have the same meanings as in the Building Societies Act 1986 , and

(b) the reference to “core tier one capital” is to be read in accordance with the Handbook of Rules and Guidance made by the Financial Services Authority (as that Handbook has effect from time to time) .

Section 3 Disapplication of provisions

(1) The following provisions do not apply in relation to core capital deferred shares—

(a) section 109 of the Building Societies Act 1986 (exemption from stamp duty),

(b) section 372 of ITTOIA 2005 (building society dividends) ,

(c) section 889 of ITA 2007 (payments in respect of building society securities) ,

(d) the exclusion of a share in a building society in the definition of “share” in section 476(1) of CTA 2009 (other definitions) ,

(e) section 498 of CTA 2009 (building society dividends and interest),

(f) section 1054 of CTA 2010 (building society payments) (and accordingly any interest, dividend or other distribution payable in respect of core capital deferred shares is a distribution of the society for corporation tax purposes).

(2) Core capital deferred shares are not—

(a) loan capital under section 78(7) of FA 1986 ,

(b) qualifying corporate bonds under section 117 of TCGA 1992 , or

(c) restricted preference shares under section 160 of CTA 2010.