Income Tax Act 2007 section 257JB

Meaning of "community benefit society"

Section 257JB defines what qualifies as a "community benefit society" for the purposes of the social investment tax relief provisions, ensuring the definition works regardless of which version of the co-operative and community benefit societies legislation is in force at any given time.

• A community benefit society must be registered (or treated as registered) under the Co-operative and Community Benefit Societies Act 2014, be a qualifying pre-commencement society under that Act, or be registered under the equivalent Northern Ireland legislation
• The society must also be of a type prescribed by regulation 5 of, and have rules including the asset lock rule set out in Schedule 1 to, the Community Benefit Societies (Restriction on Use of Assets) Regulations 2006 (or the equivalent Northern Ireland regulations)
• The Treasury has the power to amend this section by order, including replacing, varying or removing the asset lock conditions entirely
• Transitional provisions ensure the definition applies correctly whichever version of the co-operative and community benefit societies legislation — the 1965 Act, the 2010 Act or the 2014 Act — happens to be in force at the relevant time