http://www.legislation.gov.uk/ukpga/1986/41/section/24Finance Act 1986An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.1986-07-25texttext/xmlenStatute Law Database2026-04-29Expert Participation2026-04-01
Part II Income Tax, Corporation Tax and Capital Gains TaxChapter I General Tax rates and main reliefs Approved profit sharing schemes: workers’ co-operatives.241. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Where, for the purpose of securing (and maintaining) approval of its profit sharing scheme in accordance with Part I of Schedule 9 to the Finance Act 1978, the rules of a society which is a workers’ co-operative or which is seeking to be registered under the industrial and provident societies legislation as a workers’ co-operative contain—aprovision for membership of the society by the trustees of the scheme,bprovision denying voting rights to those trustees, orcother provisions which appear to the registrar to be reasonably necessary for that purpose,those provisions shall be disregarded in determining whether the society should be or continue to be registered under the industrial and provident societies legislation as a bona fide co-operative society.5In subsection (4) above “the industrial and provident societies legislation” means—a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .bthe Industrial and Provident Societies Act (Northern Ireland) 1969,and “registrar” has the same meaning as in that Act and “co-operative society” has the same meaning as in section 1 of that Act.S. 24(1)–(3) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 311969 c. 24 (N.I.). S. 24(5)(a) omitted (1.8.2014) by virtue of Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 37(a) (with Sch. 5)Words in s. 24(5) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 37(b) (with Sch. 5)Words in s. 24(5) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 37(c) (with Sch. 5)