Corporation Tax Act 2010 section 655

Claims under section 651 or 652

Section 655 sets out the conditions and time limits for self-build societies making claims to disregard rental income from members or to exempt gains on land disposals to members.

• Claims must be made within two years after the end of the accounting period to which they relate, whether the claim covers a full or partial accounting period.
• A self-build society may only claim if the required conditions were met during the relevant period, or if the society reasonably considers those conditions were substantially met.
• The conditions require that only members occupied the society's land, and that the society complied with its approval requirements and any associated conditions.
• Where a member dies, a person inheriting occupancy under the member's will or intestacy rules may occupy the property for up to six months without breaching the members-only occupation requirement.