Corporation Tax Act 2010 section 653

Approval of self-build societies

Section 653 sets out which authorities have the power to approve self-build societies for corporation tax purposes, the conditions that must be satisfied before approval can be granted, and how approvals take effect.

• Approval of self-build societies is granted by the Secretary of State (England and Scotland), the Welsh Ministers (Wales), or the Department for Social Development (Northern Ireland)
• A society must be registered under the Co-operative and Community Benefit Societies Act 2014 (or the equivalent Northern Ireland legislation) and meet any further requirements or conditions prescribed by regulations under section 657
• Approval takes effect from a date specified by the approving authority, which may be earlier or later than the date the approval is actually given, and the authority may revoke the approval
• Where a society operates across the border between England and Wales, the Secretary of State and the Welsh Ministers may exercise these approval functions concurrently