Co-operative and Community Benefit Societies Act 2014 (c. 14)

SCHEDULES

SCHEDULE 4 E+W+S Consequential amendments

Part 2 E+W+S Amendments of other Acts

Income Tax Act 2007 (c. 3) E+W+S

104 E+W+S The Income Tax Act 2007 is amended as follows.

105 (1) Section 151(1) (interpretation of Chapter 6 of Part 4) is amended as follows. E+W+S

(2) In the definition of “excluded company” in paragraph (d) for “registered industrial and provident society” substitute “ registered society ”.

(3) For the definition of “registered industrial and provident society” substitute—

““registered society” means—

(a) a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, F1 ...

(b) a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969, [F2 or

(c) an SCE formed in accordance with Council Regulation ( EC ) No 1435/2003 on the Statute for a European Cooperative Society, ”].

Textual Amendments

F1 Word in Sch. 4 para. 105(3) omitted (1.8.2014) by virtue of Finance Act 2014 (c. 26), Sch. 39 paras. 10(a),15

F2 Words in Sch. 4 para. 105(3) inserted (1.8.2014) by Finance Act 2014 (c. 26), Sch. 39 paras. 10(b),15

F3 106 E+W+S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3 Sch. 4 paras. 106, 107 omitted (with application in accordance with Sch. 6 para. 14 of the commencing Act) by virtue of Finance Act 2015 (c. 11), Sch. 6 para. 12(b)

F3 107 E+W+S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3 Sch. 4 paras. 106, 107 omitted (with application in accordance with Sch. 6 para. 14 of the commencing Act) by virtue of Finance Act 2015 (c. 11), Sch. 6 para. 12(b)

108 E+W+S In section 853(2)(b)(iii) (meaning of “deposit-taker”) for “the Industrial and Provident Societies Act 1965” substitute “ the Co-operative and Community Benefit Societies Act 2014 ”.

109 E+W+S In section 874(5)(a) (duty to deduct from certain payments of yearly interest) for “registered industrial and provident society” substitute “ registered society ”.

110 (1) Section 887 (industrial and provident society payments) is amended as follows. E+W+S

(2) For the heading substitute “ Payments made by registered societies ”.

(3) In subsection (1)(a) for “registered industrial and provident society” substitute “ registered society ”.

(4) In subsection (2) for “registered industrial and provident society” substitute “ registered society ”.

(5) For subsection (5) substitute—

“(5) In this Chapter “registered society” means—

(a) a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, F4 ...

(b) a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969.

[F5 (c) a society registered as a credit union under the Credit Unions (Northern Ireland) Order 1985 ( S.I. 1985/1205 (N.I. 12)), or

(d) an SCE formed in accordance with Council Regulation ( EC ) No 1435/2003 on the Statute for a European Cooperative Society. ”]

Textual Amendments

F4 Word in Sch. 4 para. 110(5) omitted (1.8.2014) by virtue of Finance Act 2014 (c. 26), Sch. 39 paras. 11(a),15

F5 Words in Sch. 4 para. 110(5) inserted (1.8.2014) by Finance Act 2014 (c. 26), Sch. 39 paras. 11(b),15

111 E+W+S In section 991(3)(c) (meaning of “bank”) for “the Industrial and Provident Societies Act 1965” substitute “ the Co-operative and Community Benefit Societies Act 2014 ”.

112 (1) Schedule 4 (index of defined expressions) is amended as follows. E+W+S

(2) Omit the entries for “registered industrial and provident society”.

(3) In the appropriate place insert—

“registered society (in Chapter 6 of Part 4)	section 151(1)
registered society (in Chapter 3 of Part 15)	section 887(5)”.