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Income and Corporation Taxes Act 1970 (repealed 6.4.1992)
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Changes over time for: Section 338
Version Superseded: 06/04/1992
Alternative versions:
- 01/02/1991- Amendment
- 01/02/1991
Point in time - Stop date 06/04/1992- Amendment
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Point in time view as at 01/02/1991. This version of this provision has been superseded.
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[F1338 Exemption for trade unions.U.K.
(1)A registered trade union which is precluded by Act of Parliament, or by its rules, from assuring to any person a sum exceeding [F2£3,000] by way of gross sum or [F2£625] a year by way of annuity shall, on the making of a claim, be entitled—
(a)to exemption from income tax and corporation tax in respect of its income which is not trading income and which is applicable and applied for the purpose of provident benefits,
(b)to exemption from tax in respect of chargeable gains which are applicable and applied for the purpose of provident benefits.
(2)In this section “provident benefits” includes any payment, expressly authorised by the . . . F3 rules of the trade union, which is made to a member during sickness or incapacity from personal injury or while out of work, or to an aged member by way of superannuation, or to a member who has met with an accident, or has lost his tools by fire or theft, and includes a payment in discharge or aid of funeral expenses on the death of a member or the wife of a member or as provision for the children of a deceased member.
(3)In determining for the purposes of this section whether a registered trade union is by Act of Parliament or by its rules precluded from assuring to any person a sum exceeding [F4£500] a year by way of annuity, there shall be disregarded any approved annuities (as defined in section 226(13) of this Act).]
Textual Amendments
F2 “£625" substituted by Finance Act 1987 (c. 16), s. 31 in relation to income or gains applied for purposes of provident benefits on or after March 17th 1987.
F3Word repealed by Finance Act 1974 (c. 30), ss. 28(1), 57(6), Sch. 14 Pt. VI.
F4Words substituted by Finance Act 1982 (c. 39), s. 36 in relation to income or gains applied for purposes of provident benefits after June 1st 1982.
Modifications etc. (not altering text)
C1See Finance Act 1972 (c. 41), s. 123(1), includes organisations entered in provisional register under Industrial Relations Act 1971 and, until April 5th 1972, trade unions registered at October 1st 1971 and Finance Act 1975 (c. 7), s. 16, trade union registered at September 30th 1971 to be treated as having remained registered so long as it remained a trade union and was not entered in the list under the Trade Union and Labour Relations Act 1974, and trade union entered in that list but formed after September 30th 1971 to be treated as registered at all times between its formation and entry in the list.
C2See Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 467, includes trade unions entered in list of trade unions maintained under Trade Union and Labour Relations Act 1974; s. 467(4)(b) of the Act of 1988, employers' associations entered in list under the 1974 Act and registered as trade union on September 30th 1971 to be treated as remaining registered until August 1st 1975 and thereafter so long as it remains entered in that list and s. 467(4)(c) of the Act of 1988, includes Police Federations and similar police organisations with effect from September 30th 1971.
C3See Finance Act 1972 (c. 41), s. 123(2)— restriction of exemptions for years before 1974-75 in respect of income or gains applied after April 5th 1972 by trade union registerd in Northern Ireland for purpose of provident benefits paid to residents in Great Britain (and conversely as regards trade unions resident in Great Britain).
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