Section CC 6 — Income Tax Act 2007: Prizes received under Building Societies Act 1965

CC 6 Prizes received under Building Societies Act 1965 Income (1) A prize received by a person under section 31A of the Building Societies Act 1965 is income of the person, whether they take it as cash or as an advance. Timing of income (2) The income is allocated as follows: (a) a cash prize is allocated to the day on which the bonus ballot giving rise to the prize is held; and (b) an advance is allocated to the day on which the advance is made or, if the advance is made in a series of advances, to the first day on which an advance is made. Defined in this Act: income Compare: 2004 No 35 s CC 6