Income Tax Act 2007 (c. 3)E+W+S
104E+W+SThe 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, [F2or
(c) an SCE formed in accordance with Council Regulation ( EC ) No 1435/2003 on the Statute for a European Cooperative Society, ”].
Textual Amendments
F1Word in Sch. 4 para. 105(3) omitted (1.8.2014) by virtue of Finance Act 2014 (c. 26), Sch. 39 paras. 10(a),15
F2Words in Sch. 4 para. 105(3) inserted (1.8.2014) by Finance Act 2014 (c. 26), Sch. 39 paras. 10(b),15
F3106E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Sch. 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)
F3107E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Sch. 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)
108E+W+SIn 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 ”.
109E+W+SIn 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
F4Word in Sch. 4 para. 110(5) omitted (1.8.2014) by virtue of Finance Act 2014 (c. 26), Sch. 39 paras. 11(a),15
F5Words in Sch. 4 para. 110(5) inserted (1.8.2014) by Finance Act 2014 (c. 26), Sch. 39 paras. 11(b),15
111E+W+SIn 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)”. |