Corporation Tax Act 2010 section 1058

Meaning of "UK agricultural or fishing co-operative"

Section 1058 defines what qualifies as a "UK agricultural or fishing co-operative" for the purposes of the exemption from distribution treatment of interest and share dividends under section 1057.

• A UK agricultural or fishing co-operative must be a co-operative association established and tax resident in the United Kingdom, whose primary purpose is assisting its members with agricultural, horticultural, fishing or shellfish businesses.
• A co-operative association is a body with a written constitution that satisfies the Secretary of State that it is genuinely a co-operative in substance.
• In assessing whether a body is a co-operative, the Secretary of State must consider how the constitution provides for income to be applied for members' benefit, alongside all other relevant provisions.
• In Northern Ireland, the role of the Secretary of State is performed instead by the Department of Agriculture and Rural Development.

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