Taxes Consolidation Act 1997 section 698

Interpretation (Chapter 1)

Section 698 sets out key definitions used in the Chapter dealing with industrial and provident societies, building societies and trustee savings banks.

• Loan interest means any interest payable by the society on a mortgage, loan, loan stock or deposit.
• Share interest means any interest, dividend, bonus or other sum payable to a shareholder by reference to that shareholder's holding in the society's share capital.
• A society is one registered under the Industrial and Provident Societies Acts, 1893 to 1978.
• References to the payment of share interest or loan interest include the crediting of such interest to a shareholder's account.