Commentary

B1.438 Statutory provisions

Business tax
Business tax | Commentary

B1.438 Statutory provisions

Business tax | Commentary

B1.438 Statutory provisions

Since the repeal of TA 1970, s 345(1)1, there are no statutory provisions that operate to tax profits or surpluses arising from transactions carried out by a company with its members in circumstances where those profits or surpluses would have been taxable if they had arisen from transactions carried out with non-members.

The statutory provisions for the treatment of distributions by mutual trading companies to their members are described in D1.220–D1.223.

The Co-operative and Community Benefit Societies Act 2014 made changes to the legislative framework for and the naming of GB Industrial and Provident Societies which necessitate consequential amendments

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