Commentary on Sections Overview Overview Section 947: Return periods
2901.This section sets out the return periods which fall into an accounting period by reference to “quarter dates”. It is based on paragraph 2(2) of Schedule 16 to ICTA, paragraph 3(1) of Schedule 11 to FA 1991 and regulation 10(3) of the building society regulations. See Change 126 in Annex 1 and the overview commentary on Chapter 2 of this Part.
2902.The quarter dates are the last days of March, June, September and December except where the payer is a building society, in which case they are the last days of February, May, August and November.
2903.Under the source legislation, all section 946 payments made by building societies are accounted for by reference to the February, May, August or November quarter dates by virtue of paragraph 3(1) of Schedule 11 to FA 1991 (in respect of payments caught by section 350(4) of ICTA) and regulation 10 of the building society regulations (in respect of payments caught by section 477A of ICTA).
2904.In keeping with the alignment of the rules on deduction of tax at source for deposit-takers and building societies, subsections (2) to (4) embrace building societies. See Change 142 in Annex 1 and the overview commentary on Chapter 2 of this Part.