Part 22Miscellaneous provisions
Chapter 8Exemptions
Trade unions and employers’ associations
982Qualifying income or gains
1
In section 981(1)—
a
the reference to qualifying income of a trade union or eligible employers’ association is to income which is not trading income and which is applicable and applied for the purposes of provident benefits, and
b
the reference to qualifying gains of a trade union or eligible employers’ association is to chargeable gains which are applicable and applied for the purpose of provident benefits.
2
In subsection (1) references to provident benefits include—
a
a payment expressly authorised by the rules of the trade union or employers’ association which is made—
i
to a member during sickness or incapacity from personal injury or while out of work,
ii
to a member by way of superannuation by reason of age, sickness or incapacity from personal injury,
iii
to a member who has met with an accident, or
iv
to a member who has lost tools by fire or theft,
b
a payment in discharge or aid of funeral expenses on the death of a member or the spouse or civil partner of a member, and
c
a payment as provision for the children of a deceased member.